PowerShares Exchange-Traded Fund Trust II NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-983-0903

Date of fiscal year end: August 31

Date of reporting period: February 29, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)	The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

LOGO

Invesco Semi-Annual Report to Shareholders

February 29, 2024

BKLN Invesco Senior Loan ETF

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Table of Contents


Schedule of Investments			3

Statement of Assets and Liabilities			10

Statement of Operations			11

Statement of Changes in Net Assets			12

Financial Highlights			13

Notes to Financial Statements			14

Fund Expenses			23


		2

Invesco Senior Loan ETF (BKLN)

February 29, 2024

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Variable Rate Senior Loan Interests-93.09%^(a)(b)
Aerospace & Defense-2.98%
Peraton Corp., First Lien Term Loan B (1 mo. SOFR + 3.85%)		9.18%		02/01/2028	$	114,374	$	114,636,163
TransDigm, Inc., Term Loan I (3 mo. SOFR + 3.25%)		8.60%		08/24/2028		87,766		88,036,778

								202,672,941


Air Transport-1.55%
AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. SOFR + 5.01%)		10.33%		04/20/2028		53,988		55,004,734
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. SOFR + 5.40%)		10.77%		06/21/2027		249		256,695
United AirLines, Inc., Term Loan B (3 mo. SOFR + 2.75%)^(c)		8.08%		02/22/2031		50,085		50,116,306

								105,377,735


Automotive-1.82%
Mavis Tire Express Services Topco Corp., First Lien Term Loan (1 mo. SOFR + 3.75%)		9.08%		05/04/2028		49,147		49,254,833
Panther BF Aggregator 2 L.P.(Power Solutions, Clarios POWSOL), Term Loan (Canada) (1 mo. SOFR + 3.00%)		8.33%		05/06/2030		57,535		57,652,036
Wand NewCo 3, Inc., First Lien Term Loan (1 mo. SOFR + 3.75%)		9.08%		01/30/2031		16,600		16,646,302

								123,553,171


Beverage & Tobacco-1.84%
Al Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 3.75%)		9.08%		07/31/2028		72,395		72,285,544
Triton Water Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 3.51%)		8.86%		03/31/2028		53,609		52,771,828

								125,057,372


Building & Development-2.22%
Cornerstone Building Brands, Inc., Term Loan B (1 mo. SOFR + 3.35%)		8.67%		04/12/2028		47,427		46,969,125
LBM Holdings LLC, First Lien Term Loan (1 mo. SOFR + 3.85%)		9.18%		12/17/2027		54,465		54,366,725
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.74%)		8.07%		02/01/2027		49,548		49,616,751

								150,952,601


Business Equipment & Services-8.78%
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (1 mo. SOFR + 3.85%)		9.18%		05/12/2028		77,472		77,260,064
Asurion LLC
Second Lien Term Loan B-4 (1 mo. SOFR + 5.36%)		10.69%		01/20/2029		56,611		53,545,698
Term Loan B-8 (1 mo. SOFR + 3.36%)		8.69%		12/23/2026		64,012		63,727,395
Boost Newco Borrower LLC (WorldPay), Term Loan (1 mo. SOFR + 3.00%)		8.33%		01/31/2031		26,297		26,428,647
Cloud Software Group, Inc., Term Loan B (3 mo. SOFR + 4.60%)		9.95%		03/30/2029		95,032		94,343,730
Dun & Bradstreet Corp. (The), Incremental Term Loan B-2 (1 mo. SOFR + 2.75%)		8.07%		01/18/2029		63,801		63,729,262
Endure Digital, Inc. (Eagle Company), Term Loan B (6 mo. SOFR + 3.93%)		9.42%		02/10/2028		48,923		48,005,962
Mitchell International, Inc., First Lien Term Loan (1 mo. SOFR + 3.86%)		9.19%		10/15/2028		46,809		46,652,056
Solera (Polaris Newco LLC), First Lien Term Loan (3 mo. SOFR + 4.26%)		9.57%		06/02/2028		74,247		72,850,799
Tempo Acquisition LLC, Term Loan (1 mo. SOFR + 2.75%)		8.08%		08/31/2028		50,613		50,747,428

								597,291,041


Cable & Satellite Television-4.96%
Charter Communications Operating LLC, Term Loan B-2 (1 mo. SOFR + 1.75%)		7.08%		02/01/2027		66,301		66,150,386
CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.50%)		7.93%		04/15/2027		58,014		54,483,819
SFR-Numericable (YPSO, Altice France), Term Loan B-14 (France) (3 mo. SOFR + 5.50%)		10.81%		08/15/2028		86,911		80,392,604
Telenet - LG, Term Loan AR (1 mo. SOFR + 2.11%)		7.43%		04/30/2028		40,815		39,845,494
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. SOFR + 2.61%)		7.93%		01/31/2028		54,029		53,605,633
Vodafone Ziggo - LG, Term Loan I (1 mo. SOFR + 2.61%)		7.93%		04/30/2028		43,947		43,318,169

								337,796,105


Chemicals & Plastics-2.29%
AkzoNoble Chemicals, Term Loan (3 mo. SOFR + 4.10%)		9.42%		04/03/2028		61,474		61,589,341

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco Senior Loan ETF (BKLN)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Chemicals & Plastics-(continued)
Charter NEX US, Inc., Term Loan B (1 mo. SOFR + 3.50%)		8.83%		12/01/2027	$	45,452	$	45,484,031
Univar, Inc., Term Loan B (1 mo. SOFR + 4.50%)		9.82%		08/01/2030		48,812		48,957,360

								156,030,732


Clothing & Textiles-0.82%
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B-1 (1 mo. SOFR + 3.60%)		8.93%		12/21/2028		55,313		55,516,760


Containers & Glass Products-0.87%
Flex Acquisition Co., Inc., First Lien Term Loan B (1 mo. SOFR + 3.78%)		9.10%		04/13/2029		58,945		58,951,162


Cosmetics & Toiletries-0.71%
Bausch and Lomb, Inc., Term Loan (1 mo. SOFR + 3.35%)		8.67%		05/10/2027		48,660		48,272,016


Drugs-3.16%
Amneal Pharmaceuticals LLC, Term Loan (1 mo. SOFR + 5.50%)		10.83%		05/04/2028		49,219		49,178,113
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. SOFR + 2.10%)		7.43%		11/15/2027		45,646		44,852,967
Jazz Pharmaceuticals, Inc., Term Loan B-1 (1 mo. SOFR + 3.11%)		8.44%		05/05/2028		55,153		55,290,576
Phoenix Guarantor, Inc., Term Loan B (1 mo. SOFR + 3.25%)		8.58%		02/21/2031		30,000		29,696,850
Valeant Pharmaceuticals International, Inc., Term Loan B (Canada) (1 mo. SOFR + 5.35%)		10.67%		02/01/2027		45,000		35,915,612

								214,934,118


Electronics & Electrical-14.35%
Applied Systems, Inc., First Lien Term Loan(d)		-		02/24/2031		2,779		2,792,867
Boxer Parent Co., Inc., Term Loan (1 mo. SOFR + 4.25%)		9.58%		12/29/2028		63,685		63,967,200
Central Parent LLC, First Lien Term Loan (3 mo. SOFR + 4.00%)		9.35%		07/06/2029		76,676		76,941,397
CommScope, Inc., Term Loan (1 mo. SOFR + 3.36%)		8.69%		04/06/2026		60,409		54,762,149
CoreLogic, Inc., First Lien Term Loan (1 mo. SOFR + 3.61%)		8.94%		06/02/2028		73,267		71,532,307
Gen Digital, Inc. (aka NortonLifeLock, Inc.)
Term Loan A (1 mo. SOFR + 1.85%)		7.18%		09/10/2027		76,726		76,438,555
Term Loan B (1 mo. SOFR + 2.10%)		7.43%		09/12/2029		65,059		64,973,658
McAfee Enterprise, First Lien Term Loan (3 mo. SOFR + 5.26%)		10.57%		07/27/2028		65,778		39,777,559
McAfee LLC, Term Loan B-1 (1 mo. SOFR + 3.85%)		9.18%		03/01/2029		104,989		104,763,743
Open Text Corp., Term Loan (Canada) (1 mo. SOFR + 2.85%)		8.18%		01/31/2030		66,059		66,206,461
Proofpoint, Inc., Term Loan B (1 mo. SOFR + 3.36%)		8.69%		08/31/2028		50,409		50,387,625
Qlik Technologies, Term Loan (3 mo. SOFR + 4.75%)		10.06%		10/28/2030		48,247		48,441,194
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 4.40%)		9.71%		02/01/2029		56,134		44,704,004
RealPage, Inc., First Lien Term Loan (1 mo. SOFR + 3.11%)		8.44%		04/24/2028		68,049		66,318,189
Syncsort, Inc., First Lien Term Loan (3 mo. SOFR + 4.26%)		9.59%		04/24/2028		49,250		48,991,056
Ultimate Software Group, Inc., First Lien Term Loan (3 mo. SOFR + 3.50%)		8.81%		02/10/2031		95,157		95,394,732

								976,392,696


Financial Intermediaries-2.67%
Aretec Group, Inc. (fka RCS Capital Corp.), Term Loan B-1 (1 mo. SOFR + 4.60%)		9.93%		08/09/2030		40,799		41,015,718
Citadel Securities L.P., Term Loan (1 mo. SOFR + 2.25%)		7.58%		07/29/2030		79,014		79,041,834
Jane Street Group LLC, Term Loan (1 mo. SOFR + 2.61%)		7.94%		01/26/2028		61,896		61,830,202

								181,887,754


Food Products-0.76%
Froneri International PLC, First Lien Term Loan B-2 (United Kingdom) (1 mo. SOFR + 2.35%)		7.68%		01/29/2027		51,569		51,611,440


Food Service-2.62%
IRB Holding Corp., Term Loan B (1 mo. SOFR + 2.75%)		8.18%		12/15/2027		87,475		87,477,757
New Red Finance, Inc., Term Loan B-5 (1 mo. SOFR + 2.25%)		7.58%		09/23/2030		91,004		90,736,280

								178,214,037


Health Care-12.97%
athenahealth Group, Inc., Term Loan (1 mo. SOFR + 3.25%)		8.58%		02/15/2029		124,559		123,799,326
DaVita, Inc., Term Loan B-1 (1 mo. SOFR + 1.75%)		7.19%		08/12/2026		52,452		52,469,332
Elanco Animal Health, Inc., Term Loan (1 mo. SOFR + 1.85%)		7.18%		08/01/2027		80,412		79,515,449
Gainwell Acquisition Corp., First Lien Term Loan B (3 mo. SOFR + 4.10%)		9.45%		10/01/2027		85,256		81,738,855
ICON PLC
Term Loan (3 mo. SOFR + 2.51%)		7.86%		07/03/2028		10,223		10,249,570
Term Loan (3 mo. SOFR + 2.51%)		7.86%		07/03/2028		41,033		41,138,048

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco Senior Loan ETF (BKLN)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Health Care-(continued)
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan (1 mo. SOFR + 3.11%)		8.44%		10/23/2028	$	116,395	$	116,540,434
Organon & Co., Term Loan B (1 mo. SOFR + 3.11%)		8.43%		06/02/2028		48,991		49,113,251
PAREXEL International Corp., First Lien Term Loan (1 mo. SOFR + 3.36%)		8.69%		11/15/2028		56,032		56,049,684
Sunshine Luxembourg VII S.a.r.l. (Nestle Skin Health), Term Loan (Switzerland) (3 mo. SOFR + 3.60%)		8.95%		10/01/2026		63,786		63,950,134
Syneos Health, Inc., Term Loan (1 mo. SOFR + 4.00%)		9.35%		09/27/2030		53,740		53,135,694
Verscend Holding Corp.
Term Loan B^(d)		-		02/24/2031		85,000		84,787,500
Term Loan B-1 (1 mo. SOFR + 4.11%)		9.44%		08/27/2025		70,158		70,297,189

								882,784,466


Home Furnishings-1.06%
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. SOFR + 3.50%)		8.82%		02/26/2029		72,969		72,277,445


Industrial Equipment-2.76%
Madison IAQ LLC, Term Loan (1 mo. SOFR + 3.36%)		8.68%		06/21/2028		50,200		50,088,100
MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.50%)		7.82%		08/17/2029		81,477		81,484,046
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (6 mo. SOFR + 3.93%)		9.08%		07/30/2027		56,058		56,207,288

								187,779,434


Insurance-6.12%
Acrisure LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.94%		02/15/2027		62,810		62,825,069
Alliant Holdings Intermediate LLC, Term Loan B-6 (1 mo. SOFR + 3.50%)		8.82%		11/06/2030		37,229		37,285,895
AmWINS Group LLC, Term Loan (1 mo. SOFR + 2.36%)		7.69%		02/19/2028		50,695		50,546,599
Hub International Ltd., Term Loan B (3 mo. SOFR + 3.25%)		8.57%		06/20/2030		92,388		92,393,054
Hyperion Insurance Group Ltd., Term Loan B (United Kingdom) (1 mo. SOFR + 3.49%)		8.81%		02/15/2031		50,000		49,807,250
Sedgwick Claims Management Services, Inc., Term Loan (1 mo. SOFR + 3.75%)		9.08%		02/24/2028		71,823		72,010,701
USI, Inc., Term Loan B (3 mo. SOFR + 3.00%)		8.35%		11/22/2029		51,646		51,687,819

								416,556,387


Leisure Goods, Activities & Movies-0.79%
UFC Holdings LLC, Term Loan B-3 (3 mo. SOFR + 3.01%)		8.34%		04/29/2026		53,546		53,665,917


Lodging & Casinos-3.29%
Caesars Entertainment, Inc.
Incremental Term Loan B (3 mo. SOFR + 3.35%)		8.66%		02/06/2030		44,570		44,693,850
Term Loan (3 mo. SOFR + 2.75%)		8.04%		02/06/2031		42,507		42,524,767
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. SOFR + 4.00%)		9.33%		01/27/2029		65,636		65,765,224
Stars Group (US) Co-Borrower LLC, Term Loan B (3 mo. SOFR + 2.35%)		7.70%		11/25/2030		71,361		71,190,576

								224,174,417


Nonferrous Metals & Minerals-0.74%
Prince Mineral Holding Corp., Term Loan (3 mo. SOFR + 4.40%)		9.72%		04/23/2029		51,578		50,461,047


Publishing-2.15%
Micro Holding L.P., Term Loan B-3 (1 mo. SOFR + 4.25%)		9.58%		05/03/2028		83,467		82,225,171
Nielsen Finance LLC, First Lien Term Loan B (3 mo. SOFR + 5.10%)		10.42%		04/11/2029		69,691		64,141,607

								146,366,778


Radio & Television-0.02%
DIRECTV Financing LLC, Term Loan B (1 mo. SOFR + 5.11%)		10.44%		08/02/2027		1,100		1,100,439


Rail Industries-0.74%
Genesee & Wyoming, Inc., Term Loan (3 mo. SOFR + 2.10%), (Acquired 04/27/2020 - 01/23/2024; Cost $50,237,230)^(e)		7.45%		12/30/2026		50,561		50,619,351


Retailers (except Food & Drug)-3.25%
Bass Pro Group LLC, Term Loan B-2 (1 mo. SOFR + 3.86%)		9.19%		03/06/2028		90,660		90,838,527
Harbor Freight Tools USA, Inc., Term Loan (1 mo. SOFR + 2.75%)		8.08%		10/19/2027		58,684		58,357,158
Pilot Travel Centers LLC, Term Loan B (1 mo. SOFR + 2.10%)		7.43%		08/04/2028		72,003		72,077,865

								221,273,550

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco Senior Loan ETF (BKLN)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Telecommunications-5.30%
CCI Buyer, Inc. (Consumer Cellular), First Lien Term Loan (3 mo. SOFR + 4.00%)		9.35%		12/17/2027	$	18,108	$	18,017,677
CenturyLink, Inc., Term Loan B (1 mo. SOFR + 2.36%)		7.69%		03/15/2027		74,805		54,782,851
Genesys Cloud Services Holdings I LLC, Term Loan (1 mo. SOFR + 4.11%)		9.44%		12/01/2027		50,192		50,422,082
II-VI, Inc., Term Loan B (1 mo. SOFR + 2.86%)		8.19%		07/02/2029		48,319		48,415,231
Level 3 Financing, Inc., Term Loan B (1 mo. SOFR + 1.86%)		7.19%		03/01/2027		48,543		47,855,117
Radiate Holdco LLC, Term Loan B (1 mo. SOFR + 3.36%)		8.69%		09/25/2026		72,249		59,515,408
Zayo Group Holdings, Inc., Term Loan (1 mo. SOFR + 3.11%)		8.44%		03/09/2027		90,193		81,436,171

								360,444,537

Utilities-1.50%
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.75%)		8.08%		01/20/2031		59,791		59,631,593
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. SOFR + 2.00%)		7.33%		12/20/2030		42,445		42,307,905

								101,939,498

Total Variable Rate Senior Loan Interests (Cost $6,278,777,923)								6,333,954,947


U.S. Dollar Denominated Bonds & Notes-2.52%

Aerospace & Defense-0.16%
TransDigm, Inc.^(f)		6.25%		03/15/2026		9,081		9,076,590
TransDigm, Inc.^(f)		6.88%		12/15/2030		2,000		2,025,820

								11,102,410

Capital Markets-0.09%
Aretec Group, Inc.^(f)		10.00%		08/15/2030		2,000		2,180,000
GTCR W-2 Merger Sub LLC^(f)		7.50%		01/15/2031		3,718		3,880,923

								6,060,923


Commercial Services & Supplies-0.19%
Allied Universal Holdco LLC^(f)		7.88%		02/15/2031		8,569		8,520,410
Madison IAQ LLC^(f)		4.13%		06/30/2028		2,000		1,823,897
Neptune Bidco US, Inc.^(f)		9.29%		04/15/2029		3,000		2,826,215

								13,170,522

Construction Materials-0.06%
Camelot Return Merger Sub, Inc.^(f)		8.75%		08/01/2028		4,000		4,108,420

Diversified Telecommunication Services-0.02%
Zayo Group Holdings, Inc.^(f)		4.00%		03/01/2027		2,000		1,667,340

Electric Utilities-0.15%
Vistra Operations Co. LLC^(f)		5.13%		05/13/2025		8,030		7,971,242
Vistra Operations Co. LLC^(f)		4.30%		07/15/2029		2,000		1,865,752

								9,836,994

Health Care Equipment & Supplies-0.18%
Bausch & Lomb Corp.^(f)		8.38%		10/01/2028		2,000		2,092,500
Medline Borrower L.P.^(f)		3.88%		04/01/2029		11,000		9,872,479

								11,964,979

Health Care Providers & Services-0.02%
Star Parent, Inc.^(f)		9.00%		10/01/2030		1,000		1,056,619

Hotels, Restaurants & Leisure-0.33%
1011778 BC ULC/New Red Finance, Inc. (Canada)^(f)		3.88%		01/15/2028		15,000		14,006,621
1011778 BC ULC/New Red Finance, Inc. (Canada)^(f)		3.50%		02/15/2029		4,000		3,609,995
1011778 BC ULC/New Red Finance, Inc. (Canada)^(f)		4.00%		10/15/2030		2,000		1,758,468
Caesars Entertainment, Inc.^(f)		6.50%		02/15/2032		2,859		2,882,180

								22,257,264

Insurance-0.42%
Acrisure LLC/Acrisure Finance, Inc.^(f)		4.25%		02/15/2029		7,282		6,466,672
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(f)		7.00%		01/15/2031		11,161		11,125,229

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco Senior Loan ETF (BKLN)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Insurance-(continued)
AmWINS Group, Inc.^(f)		6.38%		02/15/2029	$	1,080	$	1,081,379
HUB International Ltd.^(f)		7.25%		06/15/2030		10,000		10,207,680

								28,880,960

Machinery-0.03%
TK Elevator U.S. Newco, Inc. (Germany)^(f)		5.25%		07/15/2027		2,000		1,924,002

Media-0.41%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.		4.91%		07/23/2025		1,000		986,431
CSC Holdings LLC^(f)		6.50%		02/01/2029		2,000		1,745,420
Telenet Finance Luxembourg Notes S.a.r.l. (Belgium)^(f)		5.50%		03/01/2028		6,400		6,037,440
Virgin Media Secured Finance PLC (United Kingdom)^(f)		4.50%		08/15/2030		13,000		11,375,000
VZ Secured Financing B.V. (Netherlands)^(f)		5.00%		01/15/2032		6,190		5,290,480
Ziggo B.V. (Netherlands)^(f)		4.88%		01/15/2030		3,000		2,675,389

								28,110,160

Passenger Airlines-0.18%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(f)		5.50%		04/20/2026		2,472		2,451,936
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(f)		5.75%		04/20/2029		5,128		5,019,691
United AirLines, Inc.^(f)		4.38%		04/15/2026		895		862,372
United AirLines, Inc.^(f)		4.63%		04/15/2029		4,478		4,134,917

								12,468,916

Pharmaceuticals-0.11%
Bausch Health Cos., Inc.^(f)		11.00%		09/30/2028		5,500		3,712,500
Organon & Co./Organon Foreign Debt Co-Issuer B.V.^(f)		4.13%		04/30/2028		3,832		3,510,478

								7,222,978

Professional Services-0.05%
CoreLogic, Inc.^(f)		4.50%		05/01/2028		4,000		3,546,780

Software-0.11%
Cloud Software Group, Inc.^(f)		6.50%		03/31/2029		2,000		1,863,766
Cloud Software Group, Inc.^(f)		9.00%		09/30/2029		6,250		5,840,618

								7,704,384

Specialty Retail-0.01%
Wand NewCo 3, Inc.^(f)		7.63%		01/30/2032		331		340,382

Total U.S. Dollar Denominated Bonds & Notes (Cost $178,540,485)								171,424,033

					Shares
Money Market Funds-12.06%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.22%^(g)(h)(Cost $820,399,723)						820,399,723		820,399,723

TOTAL INVESTMENTS IN SECURITIES-107.67% (Cost $7,277,718,131)								7,325,778,703
OTHER ASSETS LESS LIABILITIES-(7.67)%								(521,985,349	)

NET ASSETS-100.00%							$	6,803,793,354

Investment Abbreviations:

LIBOR-London Interbank Offered Rate

SOFR -Secured Overnight Financing Rate

USD -U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco Senior Loan ETF (BKLN)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

^(a)

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.

^(b)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (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 Secured Overnight Financing Rate (“SOFR”), 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.

^(c)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(d)	This variable rate interest will settle after February 29, 2024, at which time the interest rate will be determined.

^(e)	Restricted security. The value of this security at February 29, 2024 represented less than 1% of the Fund’s Net Assets.

^(f)

Security purchased or received in a transaction exempt from registration under 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 February 29, 2024 was $170,437,602, which represented 2.51% of the Fund’s Net Assets.

^(g)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain	Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	384,904,842	$	6,350,138,982	$	(5,914,644,101	)	$-	$-	$	820,399,723	$	23,955,492

^(h)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco Senior Loan ETF (BKLN)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of February 29, 2024
Baa3		2.69
Ba1		9.80
Ba2		6.72
Ba3		9.71
B1		15.14
B2		40.31
B3		9.02
Caa1		0.59
Caa2		0.08
Caa3		0.81
NR		0.74
Money Market Fund Plus Other Assets Less Liabilities		4.39

Source: Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to change without notice. “NR” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody’s rating methodology, please visit moodys.com and select “Methodologies & Frameworks” under “Ratings & Assessments” on the homepage.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Statement of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	6,505,378,980
Affiliated investments in securities, at value		820,399,723
Cash		6,614,256
Receivable for:
Dividends and interest		30,652,164
Investments sold		84,748,026
Fund shares sold		14,776,922
Expenses absorbed		130,992

Total assets		7,462,701,063


Liabilities:
Due to broker		2,247,462
Payable for:
Investments purchased		653,254,995
Accrued unitary management fees		3,403,305
Accrued tax expenses		1,947

Total liabilities		658,907,709

Net Assets	$	6,803,793,354


Net assets consist of:
Shares of beneficial interest	$	7,942,727,188
Distributable earnings (loss)		(1,138,933,834	)

Net Assets	$	6,803,793,354

Shares outstanding (unlimited amount authorized, $0.01 par value)		321,900,000
Net asset value	$	21.14

Market price	$	21.12

Unaffiliated investments in securities, at cost	$	6,457,318,408

Affiliated investments in securities, at cost	$	820,399,723

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Statement of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
Investment income:
Interest income		$	222,027,588
Affiliated dividend income			23,955,492

Total investment income			245,983,080


Expenses:
Unitary management fees			17,365,138
Tax expenses			650
Other expenses			(2,864	)

Total expenses			17,362,924

Less: Waivers			(817,959	)

Net expenses			16,544,965

Net investment income			229,438,115


Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments			(19,639,593	)

Change in net unrealized appreciation on unaffiliated investment securities			36,979,149

Net realized and unrealized gain			17,339,556

Net increase in net assets resulting from operations		$	246,777,671

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Statement of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
	Six Months Ended February 29, 2024			Year Ended August 31, 2023
Operations:
Net investment income	$	229,438,115		$	314,658,408
Net realized gain (loss)		(19,639,593	)		(122,316,603	)
Change in net unrealized appreciation		36,979,149			110,895,680

Net increase in net assets resulting from operations		246,777,671			303,237,485


Distributions to Shareholders from:
Distributable earnings		(228,905,950	)		(320,198,854	)


Shareholder Transactions:
Proceeds from shares sold		3,727,950,330			2,967,223,577
Value of shares repurchased		(1,022,134,538	)		(2,995,220,298	)
Transaction fees		3,385,128			11,837,894

Net increase (decrease) in net assets resulting from share transactions		2,709,200,920			(16,158,827	)

Net increase (decrease) in net assets		2,727,072,641			(33,120,196	)


Net assets:
Beginning of period		4,076,720,713			4,109,840,909

End of period	$	6,803,793,354		$	4,076,720,713


Changes in Shares Outstanding:
Shares sold		176,900,000			142,300,000
Shares repurchased		(48,600,000	)		(143,700,000	)
Shares outstanding, beginning of period		193,600,000			195,000,000

Shares outstanding, end of period		321,900,000			193,600,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Financial Highlights

Invesco Senior Loan ETF (BKLN)


	Six Months Ended February 29, 2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020			2019

Per Share Operating Performance:
Net asset value at beginning of period	$	21.06		$	21.08		$	22.13		$	21.82		$	22.57		$	23.11

Net investment income^(a)		0.90			1.68			0.77			0.68			0.93			1.07
Net realized and unrealized gain (loss) on investments		0.07			(0.07	)		(1.18	)		0.31			(0.88	)		(0.53	)

Total from investment operations		0.97			1.61			(0.41	)		0.99			0.05			0.54

Distributions to shareholders from:
Net investment income		(0.90	)		(1.69	)		(0.73	)		(0.69	)		(0.91	)		(1.12	)
Return of capital		-			-			-			(0.02	)		-			(0.02	)

Total distributions		(0.90	)		(1.69	)		(0.73	)		(0.71	)		(0.91	)		(1.14	)

Transaction fees^(a)		0.01			0.06			0.09			0.03			0.11			0.06

Net asset value at end of period	$	21.14		$	21.06		$	21.08		$	22.13		$	21.82		$	22.57

Market price at end of period^(b)	$	21.12		$	21.09		$	20.98		$	22.15		$	21.91		$	22.61

Net Asset Value Total Return^(c)		4.78	%		8.34	%		(1.44	)%		4.72	%		0.80	%		2.68	%
Market Price Total Return^(c)		4.54	%		9.04	%		(1.99	)%		4.38	%		1.05	%		3.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	6,803,793		$	4,076,721		$	4,109,841		$	6,289,247		$	4,499,824		$	4,401,945
Ratio to average net assets of:
Expenses, after Waivers^(d)		0.62	%^(e)		0.63	%		0.65	%		0.64	%		0.63	%		0.64	%
Expenses, prior to Waivers^(d)		0.65	%^(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		8.59	%^(e)		8.02	%		3.53	%		3.08	%		4.22	%		4.66	%
Portfolio turnover rate^(f)		98	%		129	%		106	%		109	%		107	%		78	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolio:


Full Name		Short Name

Invesco Senior Loan ETF (BKLN)		“Senior Loan ETF”

The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Morningstar LSTA US Leveraged Loan 100 Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


		14

“Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.


		15

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.

To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


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Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

J.	Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Index Risk. Unlike many investment companies that are “actively managed”, the Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive


		17

strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, the Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s NAV.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, the Fund will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds” or “high yield bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, the Fund may incur additional expenses to seek recovery.

Portfolio Turnover Risk. The Fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Default in the payment of interest or principal on a loan will result in a reduction in its value. Although the loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency laws and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.

Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce


		18

compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Sampling Risk. The Fund’s use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.

Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.

There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/ask spreads, decreased liquidity and extended trade settlement periods, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations. Newly originated loans (including reissuances and restructured loans) may possess lower levels of credit document protections than has historically been the case. Accordingly, in the event of default, the Fund may experience lower levels of recoveries than has historically been the norm.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services, and oversight of the Sub-Adviser.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii)


		19

any other matters that directly benefit the Adviser). The Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees of $817,959.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of the Fund with Morningstar, Inc. (the “Licensor”).

The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

NOTE 4–Additional Valuation Information

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 the Adviser’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 February 29, 2024. 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

Investments in Securities

Variable Rate Senior Loan Interests	$	-	$	6,283,838,641	$	50,116,306	$	6,333,954,947

U.S. Dollar Denominated Bonds & Notes		-		171,424,033		-		171,424,033

Money Market Funds		820,399,723		-		-		820,399,723


Total Investments	$	820,399,723	$	6,455,262,674	$	50,116,306	$	7,325,778,703

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.


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The Fund had a capital loss carryforward as of August 31, 2023, as follows:


No expiration
Short-Term		Long-Term		Total*

$	286,859,715	$	774,024,799	$	1,060,884,514

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions

For the six months ended February 29, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $7,672,982,454 and $5,055,825,665, respectively.

As of February 29, 2024, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:



Aggregate unrealized appreciation of investments	$ 91,368,601

Aggregate unrealized (depreciation) of investments	(157,411,509	)


Net unrealized appreciation (depreciation) of investments	$ (66,042,908	)

Cost of investments for tax purposes is $7,391,821,611.

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

NOTE 8–Borrowing

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 8, 2025. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $725,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the six months ended February 29, 2024, there were no borrowings from the line of credit.

NOTE 9–Senior Loan Participation Commitments

The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

During the six months ended February 29, 2024, there were no interests in senior loans purchased by the Fund on a participation basis.

NOTE 10–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for cash. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for the deposit of delivery of a basket of securities (“Deposit Securities”).

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received


		21

in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.


		22

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Senior Loan ETF (the “Fund”), a series of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Senior Loan ETF (BKLN)

Actual		$1,000.00		$1,047.80		0.62%		$3.16

Hypothetical (5% return before expenses)		1,000.00		1,021.78		0.62		3.12

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 29, 2024. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.


		23

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Fund with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of the Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-BKLN-SAR-1

invesco.com/ETFs


				Invesco Semi-Annual Report to Shareholders February 29, 2024

				KBWB		Invesco KBW Bank ETF

				KBWD		Invesco KBW High Dividend Yield Financial ETF

				KBWY		Invesco KBW Premium Yield Equity REIT ETF

				KBWP		Invesco KBW Property & Casualty Insurance ETF

				KBWR		Invesco KBW Regional Banking ETF

Table of Contents


Schedules of Investments

Invesco KBW Bank ETF (KBWB)			3

Invesco KBW High Dividend Yield Financial ETF (KBWD)			5

Invesco KBW Premium Yield Equity REIT ETF (KBWY)			7

Invesco KBW Property & Casualty Insurance ETF (KBWP)			10

Invesco KBW Regional Banking ETF (KBWR)			12

Statements of Assets and Liabilities			14

Statements of Operations			15

Statements of Changes in Net Assets			16

Financial Highlights			18

Notes to Financial Statements			23

Fund Expenses			33


		2

Invesco KBW Bank ETF (KBWB)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.71%
Asset Management & Custody Banks-10.99%
Bank of New York Mellon Corp. (The)^(b)		1,044,623	$	58,592,904
Northern Trust Corp.		594,882		48,857,659
State Street Corp.		693,384		51,123,202

				158,573,765

Consumer Finance-4.31%
Capital One Financial Corp.		452,108		62,214,582


Diversified Banks-45.04%
Bank of America Corp.		3,314,872		114,429,381
Citigroup, Inc.		1,095,038		60,763,659
Comerica, Inc.		378,783		18,704,304
Fifth Third Bancorp^(b)		1,744,096		59,892,257
JPMorgan Chase & Co.		647,542		120,481,664
KeyCorp		2,690,239		38,389,710
PNC Financial Services Group, Inc. (The)		376,894		55,478,797
U.S. Bancorp		1,324,508		55,576,356
Wells Fargo & Co.		2,265,474		125,937,700

				649,653,828

Investment Banking & Brokerage-15.58%
Goldman Sachs Group, Inc. (The)		295,794		115,078,656
Morgan Stanley		1,273,510		109,572,800

				224,651,456

Regional Banks-23.79%
Citizens Financial Group, Inc.^(b)		1,339,836		42,057,452
East West Bancorp, Inc.^(b)		404,750		29,490,085
First Horizon Corp.		1,604,783		22,627,440
Huntington Bancshares, Inc.		4,161,959		54,271,945
M&T Bank Corp.		393,912		55,045,263
Regions Financial Corp.		2,673,310		49,803,765
Truist Financial Corp.		1,570,569		54,938,504


	Shares		Value
Regional Banks-(continued)
Western Alliance Bancorporation^(b)		314,408	$	18,150,774
Zions Bancorporation N.A.^(b)		425,722		16,786,219

				343,171,447

Total Common Stocks & Other Equity Interests (Cost $1,637,420,001)				1,438,265,078


Money Market Funds-0.24%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(c)(d) (Cost $3,374,888)		3,374,888		3,374,888

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $1,640,794,889)				1,441,639,966


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.99%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		3,996,457		3,996,457
Invesco Private Prime Fund, 5.49%^(c)(d)(e)		10,271,469		10,276,605

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,273,381)				14,273,062

TOTAL INVESTMENTS IN SECURITIES-100.94% (Cost $1,655,068,270)				1,455,913,028
OTHER ASSETS LESS LIABILITIES-(0.94)%				(13,496,174	)

NET ASSETS-100.00%			$	1,442,416,854

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	32,362,751		$	(28,987,863	)		$	-		$	-		$	3,374,888		$	18,530

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco KBW Bank ETF (KBWB)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	9,165,896		$	67,431,834		$	(72,601,273	)		$	-			$	-		$	3,996,457		$	98,829	*

Invesco Private Prime Fund			23,569,447			143,382,177			(156,676,209	)			(178	)			1,368			10,276,605			252,218	*

Total		$	32,735,343		$	243,176,762		$	(258,265,345	)		$	(178	)		$	1,368		$	17,647,950		$	369,577

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(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. See Note 2I.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Diversified Banks			45.04

Regional Banks			23.79

Investment Banking & Brokerage			15.58

Asset Management & Custody Banks			10.99

Consumer Finance			4.31

Money Market Funds Plus Other Assets Less Liabilities			0.29

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco KBW High Dividend Yield Financial ETF (KBWD)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-69.62%
Asset Management & Custody Banks-6.47%
Artisan Partners Asset Management, Inc., Class A^(b)		142,350	$	6,131,015
Janus Henderson Group PLC^(b)		176,513		5,500,145
Runway Growth Finance Corp.^(b)		903,851		12,129,680

				23,760,840

Consumer Finance-2.23%
OneMain Holdings, Inc.		173,507		8,194,736


Diversified Banks-1.61%
KeyCorp		414,585		5,916,128


Diversified Financial Services-1.27%
Jackson Financial, Inc., Class A		84,501		4,651,780


Investment Banking & Brokerage-6.39%
B. Riley Financial, Inc.^(b)		917,026		16,809,087
Lazard, Inc.^(b)		172,712		6,656,320

				23,465,407

Life & Health Insurance-3.06%
Lincoln National Corp.		247,048		6,803,702
Prudential Financial, Inc.		40,599		4,424,885

				11,228,587

Mortgage REITs-39.41%
AGNC Investment Corp.^(b)		1,436,737		13,735,206
Annaly Capital Management, Inc.^(b)		618,036		11,798,307
Apollo Commercial Real Estate Finance, Inc.^(b)		935,067		10,482,101
Ares Commercial Real Estate Corp.^(b)		1,014,375		7,648,387
ARMOUR Residential REIT, Inc.^(b)		1,202,732		23,814,094
Dynex Capital, Inc.^(b)		925,182		11,416,746
Ellington Financial, Inc.		330,681		3,746,616
KKR Real Estate Finance Trust, Inc.^(b)		846,271		8,251,142
MFA Financial, Inc.^(b)		931,622		10,452,799
New York Mortgage Trust, Inc.^(b)		1,205,470		8,691,439
Ready Capital Corp.^(b)		1,070,060		9,448,630
TPG RE Finance Trust, Inc.^(b)		2,133,290		15,957,009
Two Harbors Investment Corp.		727,284		9,214,688

				144,657,164

Regional Banks-7.21%
Eagle Bancorp, Inc.^(b)		247,897		5,904,906
First Interstate BancSystem, Inc., Class A		217,684		5,729,443
New York Community Bancorp, Inc.		596,059		2,855,123
Northwest Bancshares, Inc.		500,333		5,733,816
Washington Trust Bancorp, Inc.		243,157		6,258,861

				26,482,149

Investment Abbreviations:

BDC -Business Development Company

REIT -Real Estate Investment Trust


	Shares		Value
Transaction & Payment Processing Services-1.97%
Western Union Co. (The)		539,423	$	7,233,662

Total Common Stocks & Other Equity Interests (Cost $288,721,530)				255,590,453


Closed-End Funds-30.12%
Barings BDC, Inc. (Acquired 12/15/2023 - 02/28/2024; Cost $8,738,063)^(c)		992,126		9,722,835
BlackRock TCP Capital Corp.^(b)		745,413		7,990,827
Capital Southwest Corp., BDC^(b)		385,662		9,302,168
Fidus Investment Corp.^(b)		570,934		11,201,725
FS KKR Capital Corp., BDC		556,602		10,508,646
Goldman Sachs BDC, Inc., BDC^(b)		643,893		9,671,273
MidCap Financial Investment Corp., BDC^(b)		650,219		9,577,726
PennantPark Investment Corp., BDC^(b)		1,562,321		10,655,029
Prospect Capital Corp., BDC^(b)		1,788,370		9,871,802
Trinity Capital, Inc., BDC^(b)		769,542		11,189,141
TriplePoint Venture Growth BDC Corp., BDC (Acquired 12/16/2022 - 11/15/2023; Cost $11,287,957)^(b)(c)		1,010,404		10,892,155

				110,583,327

Total Closed-End Funds (Cost $103,975,065)				110,583,327

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.74% (Cost $392,696,595)				366,173,780


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.54%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		32,397,315		32,397,315
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		83,336,427		83,378,095

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $115,789,318)				115,775,410

TOTAL INVESTMENTS IN SECURITIES-131.28% (Cost $508,485,913)				481,949,190
OTHER ASSETS LESS LIABILITIES-(31.28)%				(114,843,103	)

NET ASSETS-100.00%			$	367,106,087

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco KBW High Dividend Yield Financial ETF (KBWD)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Restricted security. The aggregate value of these securities at February 29, 2024 was $20,614,990, which represented 5.62% of the Fund’s Net Assets.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,464,186		$	(8,464,186	)		$	-			$	-		$	-		$	6,116

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			28,150,755			133,139,553			(128,892,993	)			-				-			32,397,315			676,622	*

Invesco Private Prime Fund			72,387,657			280,952,691			(269,988,749	)			(13,299	)			39,795			83,378,095			1,840,907	*

Total		$	100,538,412		$	422,556,430		$	(407,345,928	)		$	(13,299	)		$	39,795		$	115,775,410		$	2,523,645

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Mortgage REITs			39.41

Closed-End Funds			30.12

Regional Banks			7.21

Asset Management & Custody Banks			6.47

Investment Banking & Brokerage			6.39

Life & Health Insurance			3.06

Sub-Industry Types Each Less Than 3%			7.08

Money Market Funds Plus Other Assets Less Liabilities			0.26

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Diversified REITs-20.26%
American Assets Trust, Inc.		270,008	$	5,824,073
Armada Hoffler Properties, Inc.^(b)		534,787		5,444,132
Broadstone Net Lease, Inc.^(b)		368,077		5,488,028
Gladstone Commercial Corp.^(b)		636,138		7,875,388
Global Net Lease, Inc.^(b)		1,521,438		10,969,568
W.P. Carey, Inc.^(b)		91,386		5,147,773

				40,748,962


Health Care REITs-15.50%
Global Medical REIT, Inc.^(b)		692,593		6,198,707
Healthcare Realty Trust, Inc.		439,522		6,056,613
LTC Properties, Inc.^(b)		177,073		5,570,717
Omega Healthcare Investors, Inc.^(b)		220,514		6,862,396
Sabra Health Care REIT, Inc.^(b)		467,058		6,482,765

				31,171,198


Hotel & Resort REITs-6.68%
Apple Hospitality REIT, Inc.		286,890		4,616,060
Service Properties Trust		1,296,258		8,814,555

				13,430,615


Industrial REITs-6.77%
Innovative Industrial Properties, Inc.^(b)		89,439		8,764,128
LXP Industrial Trust		560,175		4,851,115

				13,615,243


Multi-Family Residential REITs-4.72%
Apartment Income REIT Corp.		154,350		4,679,892
NexPoint Residential Trust, Inc.		164,859		4,815,531

				9,495,423


Office REITs-21.12%
Easterly Government Properties, Inc.^(b)		646,656		7,630,541
Highwoods Properties, Inc.^(b)		461,333		11,279,592
Office Properties Income Trust^(b)(c)		2,664,071		7,113,069
Piedmont Office Realty Trust, Inc., Class A^(b)		1,068,466		6,699,282
SL Green Realty Corp.		201,242		9,756,212

				42,478,696

Investment Abbreviations:

REIT -Real Estate Investment Trust


	Shares		Value
Other Specialized REITs-17.40%
EPR Properties^(b)		136,980	$	5,627,138
Four Corners Property Trust, Inc.^(b)		216,822		5,242,756
Gaming and Leisure Properties, Inc.		111,039		5,050,054
Outfront Media, Inc.		664,547		9,549,540
Uniti Group, Inc.^(b)		1,624,968		9,522,313

				34,991,801


Retail REITs-4.36%
Getty Realty Corp.^(b)		172,578		4,549,156
Kimco Realty Corp.		213,583		4,220,400

				8,769,556


Self-Storage REITs-3.01%
National Storage Affiliates Trust^(b)		168,712		6,041,577

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $231,278,611)				200,743,071


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.18%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		11,365,777		11,365,777
Invesco Private Prime Fund, 5.49%^(c)(d)(e)		29,211,679		29,226,285

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,596,181)				40,592,062

TOTAL INVESTMENTS IN SECURITIES-120.00% (Cost $271,874,792)				241,335,133
OTHER ASSETS LESS LIABILITIES-(20.00)%				(40,222,424	)

NET ASSETS-100.00%			$	201,112,709

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco KBW Premium Yield Equity REIT ETF (KBWY)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	180,342		$	10,045,240		$	(10,225,582	)		$	-			$	-			$	-		$	7,958

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			19,180,714			84,764,313			(92,579,250	)			-				-				11,365,777			366,043	*

Invesco Private Prime Fund			49,321,834			175,634,596			(195,747,563	)			(4,864	)			22,282				29,226,285			964,871	*

Investments in Other Affiliates:

Office Properties Income Trust**			8,336,588			11,536,854			(2,244,236	)			(8,236,691	)			(2,279,446	)			7,113,069			467,169

Total		$	77,019,478		$	281,981,003		$	(300,796,631	)		$	(8,241,555	)		$	(2,257,164	)		$	47,705,131		$	1,806,041

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

**	As of August 31, 2023, this security was not considered as an affiliate of the Fund.

^(d)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(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. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco KBW Premium Yield Equity REIT ETF (KBWY)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition

REIT Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Office REITs			21.12

Diversified REITs			20.26

Other Specialized REITs			17.40

Health Care REITs			15.50

Industrial REITs			6.77

Hotel & Resort REITs			6.68

Multi-Family Residential REITs			4.72

Retail REITs			4.36

Self-Storage REITs			3.01

Money Market Funds Plus Other Assets Less Liabilities			0.18

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco KBW Property & Casualty Insurance ETF (KBWP)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Multi-line Insurance-13.40%
American International Group, Inc.		246,554	$	17,971,321
Assurant, Inc.		48,286		8,761,495
Horace Mann Educators Corp.^(b)		104,433		3,779,430

				30,512,246

Property & Casualty Insurance-77.33%
Allstate Corp. (The)		117,689		18,773,749
American Financial Group, Inc.		70,922		9,054,612
Arch Capital Group Ltd.^(c)		96,940		8,490,975
AXIS Capital Holdings Ltd.		143,999		9,010,017
Chubb Ltd.		70,721		17,798,354
Cincinnati Financial Corp.		78,926		8,997,564
Hanover Insurance Group, Inc. (The)^(b)		65,269		8,580,915
Hartford Financial Services Group, Inc. (The)		103,796		9,947,809
James River Group Holdings Ltd.		96,262		961,657
Kemper Corp.^(b)		163,899		9,396,330
Mercury General Corp.		141,608		6,894,893
ProAssurance Corp.^(b)		130,352		1,607,240
Progressive Corp. (The)		98,920		18,751,275
RLI Corp.		59,828		8,761,811
Selective Insurance Group, Inc.		79,781		8,335,519
Travelers Cos., Inc. (The)		89,834		19,849,721
Universal Insurance Holdings, Inc.		74,642		1,507,022
W.R. Berkley Corp.		111,823		9,348,403

				176,067,866


	Shares		Value
Reinsurance-9.25%
Everest Group Ltd.		19,762	$	7,289,807
RenaissanceRe Holdings Ltd. (Bermuda)		37,848		8,508,987
SiriusPoint Ltd. (Bermuda)^(b)(c)		428,577		5,258,640

				21,057,434

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $202,872,225)				227,637,546


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.43%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		273,282		273,282
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		702,376		702,727

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $976,079)				976,009

TOTAL INVESTMENTS IN SECURITIES-100.41% (Cost $203,848,304)				228,613,555
OTHER ASSETS LESS LIABILITIES-(0.41)%				(942,138	)

NET ASSETS-100.00%			$	227,671,417

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	66,778		$	1,127,816		$	(1,194,594	)		$	-			$	-		$	-		$	1,977

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,817,266			6,408,190			(7,952,174	)			-				-			273,282			17,670	*

Invesco Private Prime Fund			4,672,971			15,132,340			(19,103,828	)			(70	)			1,314			702,727			47,454	*

Total		$	6,557,015		$	22,668,346		$	(28,250,596	)		$	(70	)		$	1,314		$	976,009		$	67,101

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

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Invesco KBW Property & Casualty Insurance ETF (KBWP)–(continued)

February 29, 2024

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Property & Casualty Insurance			77.33

Multi-line Insurance			13.40

Reinsurance			9.25

Money Market Funds Plus Other Assets Less Liabilities			0.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco KBW Regional Banking ETF (KBWR)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Regional Banks-99.81%
Ameris Bancorp		24,978	$	1,157,231
Associated Banc-Corp		59,952		1,249,400
Atlantic Union Bankshares Corp.^(b)		33,410		1,111,217
Banc of California, Inc.		25,372		371,192
Bank of Hawaii Corp.		17,704		1,067,197
Bank OZK^(b)		25,407		1,112,827
BankUnited, Inc.		33,128		888,493
BOK Financial Corp.		14,819		1,259,763
Brookline Bancorp, Inc.		39,579		386,687
Cadence Bank^(b)		42,457		1,175,210
Cathay General Bancorp		28,995		1,132,255
Columbia Banking System, Inc.^(b)		47,417		858,248
Commerce Bancshares, Inc.		40,718		2,118,965
Community Bank System, Inc.^(b)		23,777		1,077,098
Cullen/Frost Bankers, Inc.		19,983		2,168,355
CVB Financial Corp.^(b)		59,483		1,012,401
Eastern Bankshares, Inc.		78,576		1,015,202
F.N.B. Corp.		88,703		1,183,298
First Bancorp		70,904		1,203,950
First Commonwealth Financial Corp.^(b)		45,478		592,578
First Financial Bancorp		42,365		919,320
First Financial Bankshares, Inc.^(b)		40,516		1,253,565
First Hawaiian, Inc.^(b)		54,125		1,134,460
First Interstate BancSystem, Inc., Class A^(b)		41,080		1,081,226
Fulton Financial Corp.^(b)		73,127		1,126,156
Glacier Bancorp, Inc.^(b)		31,625		1,183,407
Hancock Whitney Corp.		25,783		1,124,139
Home BancShares, Inc.^(b)		47,951		1,124,930
Hope Bancorp, Inc.		53,493		586,818
Independent Bank Corp.		18,652		973,075
New York Community Bancorp, Inc.		225,421		1,079,767
Old National Bancorp		71,427		1,173,546
Pacific Premier Bancorp, Inc.^(b)		42,712		976,396
Pinnacle Financial Partners, Inc.^(b)		14,656		1,212,344
Popular, Inc.		14,413		1,206,080
Prosperity Bancshares, Inc.^(b)		29,240		1,824,868


	Shares		Value
Regional Banks-(continued)
Provident Financial Services, Inc.^(b)		33,673	$	507,789
Simmons First National Corp., Class A		55,747		1,070,342
SouthState Corp.^(b)		14,363		1,207,067
Synovus Financial Corp.^(b)		34,542		1,310,523
Texas Capital Bancshares, Inc.^(b)(c)		19,380		1,136,637
Trustmark Corp.		27,199		730,565
UMB Financial Corp.		14,842		1,211,256
United Bankshares, Inc.^(b)		32,122		1,114,312
United Community Banks, Inc.^(b)		43,146		1,122,227
Valley National Bancorp^(b)		116,874		957,198
WaFd, Inc.^(b)		28,866		786,310
Webster Financial Corp.^(b)		47,427		2,259,422
Wintrust Financial Corp.^(b)		12,415		1,196,185
WSFS Financial Corp.^(b)		27,049		1,146,607

				55,878,104


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.81% (Cost $68,415,748)				55,878,104


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.24%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		3,952,424		3,952,424
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		9,616,178		9,620,986

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,574,433)				13,573,410

TOTAL INVESTMENTS IN SECURITIES-124.05% (Cost $81,990,181)				69,451,514
OTHER ASSETS LESS LIABILITIES-(24.05)%				(13,465,166	)

NET ASSETS-100.00%			$	55,986,348

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	995,443		$	(995,443	)		$	-		$	-		$	-		$	965

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco KBW Regional Banking ETF (KBWR)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	4,669,170		$	28,999,373		$	(29,716,119	)		$	-			$	-		$	3,952,424		$	101,508	*

Invesco Private Prime Fund			12,006,441			62,218,378			(64,608,266	)			(1,162	)			5,595			9,620,986			268,680	*

Total		$	16,675,611		$	92,213,194		$	(95,319,828	)		$	(1,162	)		$	5,595		$	13,573,410		$	371,153

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Regional Banks			99.81

Money Market Funds Plus Other Assets Less Liabilities			0.19

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco KBW Bank ETF (KBWB)				Invesco KBW High Dividend Yield Financial ETF (KBWD)				Invesco KBW Premium Yield Equity REIT ETF (KBWY)				Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,438,265,078			$	366,173,780			$	193,630,002			$	227,637,546		$	55,878,104
Affiliated investments in securities, at value			17,647,950				115,775,410				47,705,131				976,009			13,573,410
Cash			187				-				-				-			-
Receivable for:
Dividends			4,695,795				690,858				814,172				128,408			136,358
Securities lending			1,788				621,631				4,021				122			1,191
Investments sold			25,128,321				-				-				-			-
Fund shares sold			10,942,961				4,010,375				-				1,024,554			-

Total assets			1,496,682,080				487,272,054				242,153,326				229,766,639			69,589,063


Liabilities:
Due to custodian			-				397,339				387,100				33,379			12,263
Payable for:
Investments purchased			10,421,553				3,762,390				-				1,024,824			-
Investments purchased - affiliated broker			3,985,716				117,117				-				-			-
Collateral upon return of securities loaned			14,273,381				115,789,318				40,596,181				976,079			13,574,433
Fund shares repurchased			25,175,692				-				-				-			-
Accrued unitary management fees			408,884				99,803				57,336				60,940			16,019

Total liabilities			54,265,226				120,165,967				41,040,617				2,095,222			13,602,715

Net Assets		$	1,442,416,854			$	367,106,087			$	201,112,709			$	227,671,417		$	55,986,348


Net assets consist of:
Shares of beneficial interest		$	2,124,478,432			$	597,846,642			$	434,338,489			$	213,802,587		$	82,808,330
Distributable earnings (loss)			(682,061,578	)			(230,740,555	)			(233,225,780	)			13,868,830			(26,821,982	)

Net Assets		$	1,442,416,854			$	367,106,087			$	201,112,709			$	227,671,417		$	55,986,348

Shares outstanding (unlimited amount authorized, $0.01 par value)			28,950,000				24,350,000				11,600,000				2,230,000			1,130,000
Net asset value		$	49.82			$	15.08			$	17.34			$	102.09		$	49.55

Market price		$	49.76			$	15.07			$	17.33			$	102.08		$	49.57

Unaffiliated investments in securities, at cost		$	1,637,420,001			$	392,696,595			$	205,293,751			$	202,872,225		$	68,415,748

Affiliated investments in securities, at cost		$	17,648,269			$	115,789,318			$	66,581,041			$	976,079		$	13,574,433

^(a)Includes securities on loan with an aggregate value of:		$	14,253,565			$	113,422,800			$	39,668,006			$	946,232		$	13,497,733

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco KBW Bank ETF (KBWB)				Invesco KBW High Dividend Yield Financial ETF (KBWD)				Invesco KBW Premium Yield Equity REIT ETF (KBWY)				Invesco KBW Property & Casualty Insurance ETF (KBWP)				Invesco KBW Regional Banking ETF (KBWR)
Investment income:
Unaffiliated dividend income		$	28,736,783			$	21,522,487			$	8,593,160			$	1,970,666			$	1,036,709
Affiliated dividend income			18,530				6,116				475,127				1,977				965
Securities lending income, net			9,074				2,024,052				40,650				1,743				13,541
Foreign withholding tax			-				-				-				-				(4,278	)

Total investment income			28,764,387				23,552,655				9,108,937				1,974,386				1,046,937


Expenses:
Unitary management fees			2,575,282				628,530				371,115				317,103				101,107

Less: Waivers			(400	)			(120	)			(158	)			(38	)			(20	)

Net expenses			2,574,882				628,410				370,957				317,065				101,087

Net investment income			26,189,505				22,924,245				8,737,980				1,657,321				945,850


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(40,608,091	)			123,049				(17,209,002	)			(3,071,892	)			(2,288,507	)
Affiliated investment securities			1,368				39,795				(2,130,918	)			1,314				5,595
Unaffiliated in-kind redemptions			(15,572,760	)			402,804				895,973				2,615,785				712,728
Affiliated in-kind redemptions			-				-				(126,246	)			-				-

Net realized gain (loss)			(56,179,483	)			565,648				(18,570,193	)			(454,793	)			(1,570,184	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			262,189,046				(25,608,400	)			15,412,399				40,072,193				4,286,441
Affiliated investment securities			(178	)			(13,299	)			(18,876,655	)			(70	)			(1,162	)

Change in net unrealized appreciation (depreciation)			262,188,868				(25,621,699	)			(3,464,256	)			40,072,123				4,285,279

Net realized and unrealized gain (loss)			206,009,385				(25,056,051	)			(22,034,449	)			39,617,330				2,715,095

Net increase (decrease) in net assets resulting from operations		$	232,198,890			$	(2,131,806	)		$	(13,296,469	)		$	41,274,651			$	3,660,945

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco KBW Bank ETF (KBWB)								Invesco KBW High Dividend Yield Financial ETF (KBWD)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	26,189,505			$	59,486,711			$	22,924,245			$	36,582,723
Net realized gain (loss)			(56,179,483	)			(700,651,544	)			565,648				(39,138,883	)
Change in net unrealized appreciation (depreciation)			262,188,868				107,613,792				(25,621,699	)			12,139,937

Net increase (decrease) in net assets resulting from operations			232,198,890				(533,551,041	)			(2,131,806	)			9,583,777


Distributions to Shareholders from:
Distributable earnings			(29,582,846	)			(54,916,451	)			(20,323,970	)			(42,766,013	)


Shareholder Transactions:
Proceeds from shares sold			735,388,650				2,842,086,612				13,050,390				35,165,759
Value of shares repurchased			(1,254,915,303	)			(2,463,492,686	)			(6,194,238	)			(42,129,665	)

Net increase (decrease) in net assets resulting from share transactions			(519,526,653	)			378,593,926				6,856,152				(6,963,906	)

Net increase (decrease) in net assets			(316,910,609	)			(209,873,566	)			(15,599,624	)			(40,146,142	)


Net assets:
Beginning of period			1,759,327,463				1,969,201,029				382,705,711				422,851,853

End of period		$	1,442,416,854			$	1,759,327,463			$	367,106,087			$	382,705,711


Changes in Shares Outstanding:
Shares sold			15,910,000				57,730,000				850,000				2,240,000
Shares repurchased			(28,870,000	)			(52,000,000	)			(430,000	)			(2,900,000	)
Shares outstanding, beginning of period			41,910,000				36,180,000				23,930,000				24,590,000

Shares outstanding, end of period			28,950,000				41,910,000				24,350,000				23,930,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16


Invesco KBW Premium Yield								Invesco KBW Property & Casualty								Invesco KBW Regional
Equity REIT ETF (KBWY)								Insurance ETF (KBWP)								Banking ETF (KBWR)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	8,737,980			$	8,639,122			$	1,657,321			$	6,259,865			$	945,850			$	2,013,171
		(18,570,193	)			(26,603,542	)			(454,793	)			21,556,161				(1,570,184	)			(1,752,758	)
		(3,464,256	)			(2,102,830	)			40,072,123				(6,856,258	)			4,285,279				(10,380,998	)

		(13,296,469	)			(20,067,250	)			41,274,651				20,959,768				3,660,945				(10,120,585	)



		(9,042,025	)			(19,585,361	)			(1,504,889	)			(6,394,173	)			(1,017,847	)			(1,965,805	)



		13,614,812				40,036,438				58,037,613				218,674,466				9,323,524				30,743,662
		(17,460,901	)			(61,506,195	)			(19,102,599	)			(290,961,981	)			(14,994,152	)			(34,911,417	)

		(3,846,089	)			(21,469,757	)			38,935,014				(72,287,515	)			(5,670,628	)			(4,167,755	)

		(26,184,583	)			(61,122,368	)			78,704,776				(57,721,920	)			(3,027,530	)			(16,254,145	)



		227,297,292				288,419,660				148,966,641				206,688,561				59,013,878				75,268,023

	$	201,112,709			$	227,297,292			$	227,671,417			$	148,966,641			$	55,986,348			$	59,013,878



		720,000				2,050,000				640,000				2,620,000				180,000				640,000
		(990,000	)			(3,250,000	)			(210,000	)			(3,520,000	)			(310,000	)			(680,000	)
		11,870,000				13,070,000				1,800,000				2,700,000				1,260,000				1,300,000

		11,600,000				11,870,000				2,230,000				1,800,000				1,130,000				1,260,000


		17

Financial Highlights

Invesco KBW Bank ETF (KBWB)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.98		$	54.43		$	66.21		$	39.58		$	48.15		$	57.01

Net investment income^(a)			0.78			1.64			1.49			1.31			1.40			1.27
Net realized and unrealized gain (loss) on investments			7.85			(12.52	)		(11.66	)		26.56			(8.45	)		(8.86	)

Total from investment operations			8.63			(10.88	)		(10.17	)		27.87			(7.05	)		(7.59	)

Distributions to shareholders from:
Net investment income			(0.79	)		(1.57	)		(1.61	)		(1.24	)		(1.52	)		(1.27	)

Net asset value at end of period		$	49.82		$	41.98		$	54.43		$	66.21		$	39.58		$	48.15

Market price at end of period^(b)		$	49.76		$	41.99		$	54.52		$	66.11		$	39.68		$	48.22

Net Asset Value Total Return^(c)			20.78	%		(20.21	)%		(15.59	)%		71.42	%		(14.81	)%		(13.30	)%
Market Price Total Return^(c)			20.61	%		(20.32	)%		(15.33	)%		70.75	%		(14.72	)%		(13.18	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,442,417		$	1,759,327		$	1,969,201		$	2,978,303		$	763,963		$	563,393
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			3.56	%^(d)		3.39	%		2.30	%		2.25	%		3.07	%		2.51	%
Portfolio turnover rate^(e)			6	%		35	%		23	%		22	%		18	%		13	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	15.99		$	17.20		$	20.68		$	13.75		$	19.81		$	23.68

Net investment income^(a)			0.96			1.55			1.25			1.19			1.39			1.59
Net realized and unrealized gain (loss) on investments			(1.02	)		(0.95	)		(3.08	)		7.14			(5.66	)		(3.67	)

Total from investment operations			(0.06	)		0.60			(1.83	)		8.33			(4.27	)		(2.08	)

Distributions to shareholders from:
Net investment income			(0.85	)		(1.81	)		(1.65	)		(1.40	)		(1.79	)		(1.79	)

Net asset value at end of period		$	15.08		$	15.99		$	17.20		$	20.68		$	13.75		$	19.81

Market price at end of period^(b)		$	15.07		$	15.99		$	17.21		$	20.69		$	13.77		$	19.80

Net Asset Value Total Return^(c)			(0.20	)%		4.56	%		(9.15	)%		62.77	%		(22.34	)%		(9.06	)%
Market Price Total Return^(c)			(0.27	)%		4.49	%		(9.15	)%		62.61	%		(22.18	)%		(9.15	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	367,106		$	382,706		$	422,852		$	465,497		$	229,636		$	270,390
Ratio to average net assets of:
Expenses^(d)			0.35	%^(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			12.77	%^(e)		10.03	%		6.54	%		6.55	%		8.08	%		7.32	%
Portfolio turnover rate^(f)			53	%		68	%		76	%		59	%		77	%		54	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	19.15		$	22.07		$	23.91		$	18.71		$	29.25		$	35.80

Net investment income^(a)			0.75			0.70			0.74			0.69			1.36			1.21
Net realized and unrealized gain (loss) on investments			(1.78	)		(2.04	)		(1.23	)		5.94			(9.62	)		(5.86	)

Total from investment operations			(1.03	)		(1.34	)		(0.49	)		6.63			(8.26	)		(4.65	)

Distributions to shareholders from:
Net investment income			(0.78	)		(1.58	)		(1.35	)		(1.43	)		(2.28	)		(1.90	)

Net asset value at end of period		$	17.34		$	19.15		$	22.07		$	23.91		$	18.71		$	29.25

Market price at end of period^(b)		$	17.33		$	19.14		$	22.09		$	23.89		$	18.74		$	29.26

Net Asset Value Total Return^(c)			(5.49	)%		(5.72	)%		(2.23	)%		36.86	%		(28.96	)%		(12.94	)%
Market Price Total Return^(c)			(5.50	)%		(5.85	)%		(2.06	)%		36.52	%		(28.87	)%		(12.91	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	201,113		$	227,297		$	288,420		$	350,063		$	173,025		$	317,390
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			8.24	%^(d)		3.61	%		3.09	%		3.16	%		5.45	%		3.94	%
Portfolio turnover rate^(e)			62	%		73	%		77	%		72	%		100	%		69	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Financial Highlights–(continued)

Invesco KBW Property & Casualty Insurance ETF (KBWP)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	82.76		$	76.55		$	80.54		$	60.03		$	70.73		$	63.85

Net investment income^(a)			0.83			1.64			1.68			1.94	^(b)		1.28			1.35
Net realized and unrealized gain (loss) on investments			19.26			6.10			(3.26	)		20.09			(10.63	)		7.06

Total from investment operations			20.09			7.74			(1.58	)		22.03			(9.35	)		8.41

Distributions to shareholders from:
Net investment income			(0.76	)		(1.53	)		(2.41	)		(1.52	)		(1.35	)		(1.53	)

Net asset value at end of period		$	102.09		$	82.76		$	76.55		$	80.54		$	60.03		$	70.73

Market price at end of period^(c)		$	102.08		$	82.76		$	76.65		$	80.48		$	60.13		$	70.78

Net Asset Value Total Return^(d)			24.43	%		10.15	%		(1.98	)%		37.10	%		(13.11	)%		13.54	%
Market Price Total Return^(d)			24.42	%		10.00	%		(1.79	)%		36.78	%		(13.03	)%		13.50	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	227,671		$	148,967		$	206,689		$	88,593		$	183,104		$	109,630
Ratio to average net assets of:
Expenses			0.35	%^(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%^(f)
Net investment income			1.83	%^(e)		1.96	%		2.11	%		2.82	%^(b)		2.04	%		2.09	%^(f)
Portfolio turnover rate^(g)			11	%		12	%		8	%		16	%		16	%		14	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.54 and 2.23%, respectively.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Financial Highlights–(continued)

Invesco KBW Regional Banking ETF (KBWR)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
					2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	46.84		$	57.90		$	59.78		$	35.41		$	47.62		$	59.19

Net investment income^(a)			0.79			1.58			1.38			1.32			1.32			1.20
Net realized and unrealized gain (loss) on investments			2.74			(11.12	)		(1.87	)		24.29			(12.07	)		(11.52	)

Total from investment operations			3.53			(9.54	)		(0.49	)		25.61			(10.75	)		(10.32	)

Distributions to shareholders from:
Net investment income			(0.82	)		(1.52	)		(1.39	)		(1.24	)		(1.46	)		(1.25	)

Net asset value at end of period		$	49.55		$	46.84		$	57.90		$	59.78		$	35.41		$	47.62

Market price at end of period^(b)		$	49.57		$	46.80		$	57.95		$	59.66		$	35.44		$	47.61

Net Asset Value Total Return^(c)			7.57	%		(16.65	)%		(0.79	)%		73.45	%		(22.87	)%		(17.48	)%
Market Price Total Return^(c)			7.71	%		(16.79	)%		(0.49	)%		72.96	%		(22.80	)%		(17.50	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	55,986		$	59,014		$	75,268		$	73,528		$	28,325		$	69,047
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%^(e)
Net investment income			3.27	%^(d)		3.02	%		2.28	%		2.41	%		2.96	%		2.33	%^(e)
Portfolio turnover rate^(f)			7	%		19	%		27	%		20	%		21	%		15	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco KBW Bank ETF (KBWB)		“KBW Bank ETF”

Invesco KBW High Dividend Yield Financial ETF (KBWD)		“KBW High Dividend Yield Financial ETF”

Invesco KBW Premium Yield Equity REIT ETF (KBWY)		“KBW Premium Yield Equity REIT ETF”

Invesco KBW Property & Casualty Insurance ETF (KBWP)		“KBW Property & Casualty Insurance ETF”

Invesco KBW Regional Banking ETF (KBWR)		“KBW Regional Banking ETF”

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

KBW Bank ETF		KBW Nasdaq Bank Index^TM

KBW High Dividend Yield Financial ETF		KBW Nasdaq Financial Sector Dividend Yield Index^TM

KBW Premium Yield Equity REIT ETF		KBW Nasdaq Premium Yield Equity REIT Index^TM

KBW Property & Casualty Insurance ETF		KBW Nasdaq Property & Casualty Index^TM

KBW Regional Banking ETF		KBW Nasdaq Regional Banking Index^TM

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		23

to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.


		24

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - Each Fund (except for KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest,


		25

acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees


		26

paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

Invesco KBW Bank ETF		$387

Invesco KBW High Dividend Yield Financial ETF		117,676

Invesco KBW Premium Yield Equity REIT ETF		2,941

Invesco KBW Property & Casualty Insurance ETF		148

Invesco KBW Regional Banking ETF		1,297

J.	Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Business Development Company (“BDC”) Risk. Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC’s investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC’s performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain


		27

market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Diversified Fund Risk. Because KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Regional, Small and Medium Bank Risk. Investing in securities of small and medium banks involves greater risk than customarily is associated with investing in larger, more established banks. Small and medium banks’ securities may be more volatile and less liquid than those of more established banks. These securities may have returns that vary, sometimes significantly, from the overall securities market. These banks also may be subject to extensive federal and state regulations and to severe price competition. Credit losses resulting from financial difficulties of borrowers can negatively impact these banks. The regional banking industry in which small and medium banks typically compete is highly competitive and failure to maintain or increase market share may result in the loss of market value. The marketing and expansion strategies of many regional banks may place a significant strain on their risk management, financial controls, operations systems, personnel and other resources. There can be no assurance that these banks will complete the necessary improvements to their systems, procedures and controls necessary to support their future operations or rapid growth. The performance of small and medium banks may be impacted by a number of factors, such as adverse economic or regulatory occurrences affecting small and medium banks, economic conditions of the region or depositor base that the bank serves, negative public perception and decreased liquidity in credit markets. To the extent that certain regulatory requirements are relaxed for small and medium banks, such banks could increase their overall risk profile, which may also result in greater overall risk in the banking industry and the financials sector in general.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.


		28

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

KBW Bank ETF		0.35%

KBW High Dividend Yield Financial ETF		0.35%

KBW Premium Yield Equity REIT ETF		0.35%

KBW Property & Casualty Insurance ETF		0.35%

KBW Regional Banking ETF		0.35%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



KBW Bank ETF	$	400

KBW High Dividend Yield Financial ETF		120

KBW Premium Yield Equity REIT ETF		158

KBW Property & Casualty Insurance ETF		38

KBW Regional Banking ETF		20

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with Keefe, Bruyette & Woods, Inc. (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended February 29, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



KBW Bank ETF	$	28,198

KBW High Dividend Yield Financial ETF		22,253

KBW Premium Yield Equity REIT ETF		52,184

KBW Property & Casualty Insurance ETF		3,087

KBW Regional Banking ETF		1,621

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.


		29

NOTE 4–Additional Valuation Information


		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 the Adviser’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.


	Level 1			Level 2			Level 3			Total

KBW Bank ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,438,265,078		$	-		$	-		$	1,438,265,078

Money Market Funds			3,374,888			14,273,062			-			17,647,950


Total Investments		$	1,441,639,966		$	14,273,062		$	-		$	1,455,913,028


KBW High Dividend Yield Financial ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	255,590,453		$	-		$	-		$	255,590,453

Closed-End Funds			110,583,327			-			-			110,583,327

Money Market Funds			-			115,775,410			-			115,775,410



Total Investments		$	366,173,780		$	115,775,410		$	-		$	481,949,190


KBW Premium Yield Equity REIT ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	200,743,071		$	-		$	-		$	200,743,071

Money Market Funds			-			40,592,062			-			40,592,062



Total Investments		$	200,743,071		$	40,592,062		$	-		$	241,335,133


KBW Property & Casualty Insurance ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	227,637,546		$	-		$	-		$	227,637,546

Money Market Funds			-			976,009			-			976,009



Total Investments		$	227,637,546		$	976,009		$	-		$	228,613,555


KBW Regional Banking ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	55,878,104		$	-		$	-		$	55,878,104

Money Market Funds			-			13,573,410			-			13,573,410



Total Investments		$	55,878,104		$	13,573,410		$	-		$	69,451,514

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.


		30

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

KBW Bank ETF	$	79,219,972	$	316,826,392	$	396,046,364

KBW High Dividend Yield Financial ETF		59,319,553		137,586,931		196,906,484

KBW Premium Yield Equity REIT ETF		59,939,048		113,735,266		173,674,314

KBW Property & Casualty Insurance ETF		2,346,049		6,614,943		8,960,992

KBW Regional Banking ETF		2,824,024		8,459,928		11,283,952

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


	Purchases		Sales

KBW Bank ETF	$	88,122,234	$	103,349,601

KBW High Dividend Yield Financial ETF		193,076,790		189,488,370

KBW Premium Yield Equity REIT ETF		133,858,189		129,986,234

KBW Property & Casualty Insurance ETF		20,379,986		20,198,521

KBW Regional Banking ETF		4,185,372		4,267,642

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

KBW Bank ETF	$	725,635,823	$	1,233,882,653

KBW High Dividend Yield Financial ETF		12,237,597		5,868,072

KBW Premium Yield Equity REIT ETF		9,226,595		17,027,587

KBW Property & Casualty Insurance ETF		58,000,928		19,083,673

KBW Regional Banking ETF		9,314,072		14,981,734

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost

KBW Bank ETF	$	39,242,229	$	(277,999,429	)	$	(238,757,200	)	$	1,694,670,228

KBW High Dividend Yield Financial ETF		22,333,724		(59,333,718	)		(36,999,994	)		518,949,184

KBW Premium Yield Equity REIT ETF		9,235,111		(49,912,339	)		(40,677,228	)		282,012,361

KBW Property & Casualty Insurance ETF		29,399,641		(6,492,615	)		22,907,026			205,706,529

KBW Regional Banking ETF		790,242		(15,043,342	)		(14,253,100	)		83,704,614

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.


		31

contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		32

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

In addition to the fees and expenses which the Invesco KBW High Dividend Yield Financial ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco KBW Bank ETF (KBWB)

Actual		$	1,000.00		$	1,207.80		0.35	%		$	1.92

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76

Invesco KBW High Dividend Yield Financial ETF (KBWD)

Actual			1,000.00			998.00		0.35				1.74

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76


		33

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco KBW Premium Yield Equity REIT ETF (KBWY)

Actual		$	1,000.00		$	945.10		0.35	%		$	1.69

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76

Invesco KBW Property & Casualty Insurance ETF (KBWP)

Actual			1,000.00			1,244.30		0.35				1.95

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76
Invesco KBW Regional Banking ETF (KBWR)

Actual			1,000.00			1,075.70		0.35				1.81

Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76

⁽¹⁾


		34

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.


©2024 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515	P-KBW-SAR-1	invesco.com/ETFs



		Invesco Semi-Annual Report to Shareholders
		February 29, 2024
		DWAS		Invesco Dorsey Wright SmallCap Momentum ETF

		PSCD		Invesco S&P SmallCap Consumer Discretionary ETF

		PSCC		Invesco S&P SmallCap Consumer Staples ETF

		PSCE		Invesco S&P SmallCap Energy ETF

		PSCF		Invesco S&P SmallCap Financials ETF

		PSCH		Invesco S&P SmallCap Health Care ETF

		PSCI		Invesco S&P SmallCap Industrials ETF

		PSCT		Invesco S&P SmallCap Information Technology ETF

		PSCM		Invesco S&P SmallCap Materials ETF

		PSCU		Invesco S&P SmallCap Utilities & Communication Services ETF

Table of Contents


Schedules of Investments

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)			3

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)			7

Invesco S&P SmallCap Consumer Staples ETF (PSCC)			10

Invesco S&P SmallCap Energy ETF (PSCE)			12

Invesco S&P SmallCap Financials ETF (PSCF)			14

Invesco S&P SmallCap Health Care ETF (PSCH)			17

Invesco S&P SmallCap Industrials ETF (PSCI)			20

Invesco S&P SmallCap Information Technology ETF (PSCT)			23

Invesco S&P SmallCap Materials ETF (PSCM)			25

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)			27

Statements of Assets and Liabilities			30

Statements of Operations			32

Statements of Changes in Net Assets			34

Financial Highlights			38

Notes to Financial Statements			48

Fund Expenses			59


		2
		2

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-0.29%
Telephone & Data Systems, Inc.		167,815	$	2,567,570

Consumer Discretionary-12.55%
Abercrombie & Fitch Co., Class A^(b)		76,990		9,836,242
Academy Sports & Outdoors, Inc.		62,372		4,660,436
Acushnet Holdings Corp.^(c)		48,932		3,152,199
Asbury Automotive Group, Inc.^(b)(c)		14,261		2,978,125
Beazer Homes USA, Inc.^(b)		95,266		2,984,684
Carrols Restaurant Group, Inc.		826,410		7,826,103
Dave & Buster’s Entertainment, Inc.^(b)(c)		127,830		7,892,224
Dream Finders Homes, Inc., Class A^(b)(c)		105,860		4,142,302
Ethan Allen Interiors, Inc.		96,691		3,232,380
Gap, Inc. (The)		143,335		2,714,765
G-III Apparel Group Ltd.^(b)		89,440		2,975,669
Grand Canyon Education, Inc.^(b)		22,208		2,993,638
Group 1 Automotive, Inc.		17,815		4,821,630
Guess?, Inc.^(c)		131,997		3,350,084
H&R Block, Inc.		69,669		3,410,298
Hovnanian Enterprises, Inc., Class A, (Acquired 06/30/2023 - 02/28/2024; Cost $2,700,102)^(b)(d)		26,009		4,074,570
Installed Building Products, Inc.^(c)		16,835		4,022,387
Kontoor Brands, Inc.		51,928		3,069,464
Landsea Homes Corp.^(b)		243,619		3,318,091
M/I Homes, Inc.^(b)		25,189		3,198,751
Modine Manufacturing Co.^(b)(c)		183,693		16,479,099
Universal Technical Institute, Inc.^(b)		280,136		4,213,245
Wingstop, Inc.		13,265		4,656,678
Winmark Corp.		7,359		2,793,108

				112,796,172

Consumer Staples-1.49%
Andersons, Inc. (The)		60,762		3,358,923
BellRing Brands, Inc.^(b)		55,830		3,179,519
Ingles Markets, Inc., Class A		36,508		2,811,481
Sprouts Farmers Market, Inc.^(b)(c)		64,837		4,048,422

				13,398,345

Energy-1.54%
Archrock, Inc.		237,423		4,337,718
Gulfport Energy Corp.^(b)		23,169		3,289,766
Par Pacific Holdings, Inc.^(b)		94,110		3,399,253
REX American Resources Corp.^(b)		64,871		2,853,027

				13,879,764

Financials-15.58%
Affirm Holdings, Inc.^(b)(c)		112,911		4,236,421
Amalgamated Financial Corp.		114,855		2,650,853
American Coastal Insurance Corp.^(b)(c)		1,455,409		20,288,401
Assured Guaranty Ltd.		43,057		3,944,021
BancFirst Corp.^(c)		31,852		2,794,694
BGC Group, Inc., Class A		470,350		3,268,932
Coastal Financial Corp.^(b)(c)		68,602		2,633,631
Customers Bancorp, Inc.^(b)		57,219		3,107,564
Donnelley Financial Solutions, Inc.^(b)(c)		155,551		10,042,373
Esquire Financial Holdings, Inc.		62,365		3,166,895
Federal Agricultural Mortgage Corp., Class C		16,754		2,996,788
First Bancorp		184,305		3,129,499


	Shares		Value
Financials-(continued)
First Foundation, Inc.^(c)		335,626	$	2,661,514
Genworth Financial, Inc., Class A^(b)		466,765		2,870,605
Goosehead Insurance, Inc., Class A^(b)(c)		39,937		3,021,234
HCI Group, Inc.^(c)		35,667		3,481,812
Houlihan Lokey, Inc.		29,762		3,829,179
Jackson Financial, Inc., Class A		58,776		3,235,619
LendingTree, Inc.^(b)		100,007		3,957,277
Merchants Bancorp		75,595		3,240,002
Metropolitan Bank Holding Corp.^(b)		56,511		2,215,796
MGIC Investment Corp.		159,609		3,174,623
Mr. Cooper Group, Inc.^(b)		136,290		9,714,751
Northeast Bank^(c)		74,591		3,982,413
OFG Bancorp		103,673		3,755,036
Pathward Financial, Inc.		57,834		2,940,281
Paymentus Holdings, Inc., Class A^(b)(c)		170,444		2,652,109
Piper Sandler Cos		17,389		3,273,827
SiriusPoint Ltd. (Bermuda)^(b)		266,503		3,269,992
StoneX Group, Inc.^(b)		44,529		3,084,079
Tiptree, Inc.		229,696		4,021,977
UWM Holdings Corp.^(c)		421,580		2,689,680
Victory Capital Holdings, Inc., Class A		99,741		3,833,047
Walker & Dunlop, Inc.^(c)		29,526		2,816,190

				139,981,115

Health Care-24.14%
Alpine Immune Sciences, Inc.^(b)(c)		168,895		5,948,482
Altimmune, Inc.^(b)(c)		411,322		4,976,996
ALX Oncology Holdings, Inc.^(b)(c)		229,014		3,359,635
Amneal Pharmaceuticals, Inc.^(b)		697,060		3,847,771
AN2 Therapeutics, Inc.^(b)(c)		173,377		516,664
Ardelyx, Inc.^(b)(c)		1,669,095		15,555,965
Arvinas, Inc.^(b)(c)		81,518		3,748,198
Biohaven Ltd.^(b)(c)		141,857		6,828,996
Blueprint Medicines Corp.^(b)		35,062		3,278,998
Brookdale Senior Living, Inc.^(b)(c)		538,595		3,080,763
Cabaletta Bio, Inc.^(b)(c)		576,846		13,198,237
Celcuity, Inc.^(b)(c)		213,297		3,318,901
CorVel Corp.^(b)(c)		13,571		3,311,324
Crinetics Pharmaceuticals, Inc.^(b)(c)		83,195		3,406,003
CVRx, Inc.^(b)(c)		138,901		2,726,627
Cymabay Therapeutics, Inc.^(b)(c)		508,092		16,355,482
Disc Medicine, Inc.^(b)(c)		78,129		5,365,118
Evolent Health, Inc., Class A^(b)(c)		156,111		5,293,724
EyePoint Pharmaceuticals, Inc.^(b)		158,597		4,315,424
Fulcrum Therapeutics, Inc.^(b)(c)		521,498		5,324,495
Glaukos Corp.^(b)(c)		37,982		3,364,825
Ideaya Biosciences, Inc.^(b)(c)		105,706		4,725,058
Iovance Biotherapeutics, Inc.^(b)(c)		394,562		6,277,481
LifeMD, Inc.^(b)(c)		939,361		7,477,314
MiMedx Group, Inc.^(b)(c)		356,082		2,905,629
MoonLake Immunotherapeutics^(b)(c)		199,964		9,646,263
Nuvalent, Inc., Class A^(b)(c)		138,002		11,608,728
OraSure Technologies, Inc.^(b)		382,658		2,753,224
ORIC Pharmaceuticals, Inc.^(b)(c)		383,799		4,889,599
RadNet, Inc.^(b)(c)		86,739		3,283,939
Rhythm Pharmaceuticals, Inc.^(b)(c)		67,886		2,947,610
RxSight, Inc.^(b)		142,645		7,784,138
Scholar Rock Holding Corp.^(b)(c)		168,348		2,609,394

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3
		3

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Health Care-(continued)
Tango Therapeutics, Inc.^(b)(c)		346,045	$	3,851,481
TG Therapeutics, Inc.^(b)(c)		164,513		2,832,914
Third Harmonic Bio, Inc.^(b)(c)		283,593		2,875,633
Twist Bioscience Corp.^(b)(c)		81,774		3,212,901
Vaxcyte, Inc.^(b)(c)		70,845		5,229,778
Vera Therapeutics, Inc.^(b)(c)		194,475		9,155,883
Viridian Therapeutics, Inc.^(b)(c)		138,870		2,598,258
ZimVie, Inc.^(b)		189,839		3,217,771

				217,005,624

Industrials-24.32%
AAR Corp.^(b)		47,013		3,139,528
AeroVironment, Inc.^(b)(c)		23,717		3,007,078
Alamo Group, Inc.		31,175		6,306,391
Albany International Corp., Class A		31,749		2,980,279
American Superconductor Corp.^(b)(c)		294,050		3,954,972
ArcBest Corp.		42,252		6,036,121
Archer Aviation, Inc., Class A^(b)(c)		541,217		2,614,078
Boise Cascade Co.		38,495		5,231,855
Bowman Consulting Group Ltd.^(b)		92,117		3,000,251
Cadre Holdings, Inc.^(c)		97,281		3,495,306
CBIZ, Inc.^(b)		96,662		7,300,881
CECO Environmental Corp.^(b)		248,183		5,621,345
Cimpress PLC (Ireland)^(b)(c)		46,078		4,516,105
CSW Industrials, Inc.		22,123		5,096,918
Encore Wire Corp.^(c)		20,368		4,908,688
Enpro, Inc.		20,310		3,164,704
ESAB Corp.		35,601		3,528,771
Federal Signal Corp.		53,060		4,346,145
Fluor Corp.^(b)		79,098		2,910,806
Franklin Electric Co., Inc.		32,136		3,340,859
FTAI Aviation Ltd.		68,455		3,853,332
GMS, Inc.^(b)		56,805		5,073,254
Granite Construction, Inc.^(c)		61,939		3,191,717
Griffon Corp.		57,737		4,122,422
H&E Equipment Services, Inc.		59,108		3,339,011
Hyster-Yale Materials Handling, Inc.		51,780		3,048,806
ICF International, Inc.^(c)		23,777		3,681,868
IES Holdings, Inc.^(b)		39,791		4,373,827
Insperity, Inc.		26,135		2,660,282
Kadant, Inc.^(c)		30,179		10,179,377
Kratos Defense & Security Solutions, Inc.^(b)(c)		149,955		2,735,179
Limbach Holdings, Inc.^(b)		211,364		10,407,563
Matson, Inc.		28,860		3,204,903
McGrath RentCorp^(c)		27,007		3,361,831
Moog, Inc., Class A		21,158		3,172,642
Mueller Industries, Inc.		68,865		3,538,284
MYR Group, Inc.^(b)(c)		33,183		5,390,910
Pangaea Logistics Solutions Ltd.		406,184		3,403,822
Powell Industries, Inc.		65,495		12,132,294
RCM Technologies, Inc.^(b)(c)		108,026		2,981,518
Rush Enterprises, Inc., Class A		78,116		3,804,249
SkyWest, Inc.^(b)		61,942		3,977,915
SPX Technologies, Inc.^(b)		81,462		9,546,532
Standex International Corp.		20,562		3,557,226
Thermon Group Holdings, Inc.^(b)		97,841		2,670,081
Transcat, Inc.^(b)(c)		95,403		10,032,579


	Shares		Value
Industrials-(continued)
VSE Corp.^(c)		49,086	$	3,637,273
Watts Water Technologies, Inc., Class A		14,866		3,031,921

				218,611,699

Information Technology-10.47%
Alkami Technology, Inc.^(b)(c)		128,967		3,217,727
Applied Optoelectronics, Inc.^(b)(c)		135,975		2,172,881
Badger Meter, Inc.		26,214		4,159,900
Bel Fuse, Inc., Class B		120,208		6,247,210
Braze, Inc., Class A^(b)		57,686		3,282,333
CleanSpark, Inc.^(b)(c)		297,222		4,969,552
Crane NXT Co.		55,271		3,228,932
Credo Technology Group Holding Ltd.^(b)(c)		159,157		3,428,242
Digimarc Corp.^(b)(c)		84,632		2,967,198
ePlus, Inc.^(b)		39,554		3,258,854
Insight Enterprises, Inc.^(b)(c)		37,070		6,969,160
InterDigital, Inc.^(c)		27,995		2,996,025
Kyndryl Holdings, Inc.^(b)		152,965		3,360,641
MACOM Technology Solutions Holdings, Inc.^(b)(c)		76,677		6,772,879
Marathon Digital Holdings, Inc.^(b)(c)		140,999		3,651,874
MicroStrategy, Inc., Class A^(b)(c)		6,622		6,773,246
Navitas Semiconductor Corp.^(b)(c)		376,771		2,313,374
Photronics, Inc.^(b)		103,095		2,968,105
Qualys, Inc.^(b)		15,021		2,581,509
Riot Platforms, Inc.^(b)(c)		306,876		4,333,089
Samsara, Inc., Class A^(b)		104,830		3,621,876
Veeco Instruments, Inc.^(b)(c)		98,633		3,571,501
Vertex, Inc., Class A^(b)(c)		112,920		3,791,854
Weave Communications, Inc.^(b)(c)		277,038		3,471,286

				94,109,248

Materials-7.12%
Alpha Metallurgical Resources, Inc.^(c)		38,776		14,628,246
Aspen Aerogels, Inc.^(b)(c)		220,782		3,793,035
Atlas Lithium Corp. (Poland)^(b)(c)		144,891		2,438,515
Carpenter Technology Corp.		50,135		3,241,228
Hawkins, Inc.		44,617		3,134,344
Haynes International, Inc.		56,271		3,344,185
Koppers Holdings, Inc.		64,933		3,676,506
Metallus, Inc.^(b)(c)		332,365		7,228,939
Olympic Steel, Inc.		89,701		6,101,462
Orion S.A. (Germany)		115,756		2,609,140
Summit Materials, Inc., Class A^(b)		79,801		3,408,301
SunCoke Energy, Inc.		296,239		3,172,720
Sylvamo Corp.		61,690		3,726,693
United States Lime & Minerals, Inc.^(c)		13,556		3,456,509

				63,959,823

Real Estate-1.14%
Forestar Group, Inc.^(b)(c)		91,752		3,093,878
St. Joe Co. (The)		54,629		2,942,865
Tanger, Inc.		146,998		4,235,012

				10,271,755

Utilities-1.35%
Consolidated Water Co. Ltd. (Cayman Islands)		111,759		3,303,596

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4
		4

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Utilities-(continued)
Genie Energy Ltd., Class B^(c)		299,883	$	5,469,866
Otter Tail Corp.^(c)		36,960		3,343,402

				12,116,864

Total Common Stocks & Other Equity Interests (Cost $712,252,702)				898,697,979


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(e)^(f) (Cost $95,333)		95,333		95,333

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $712,348,035)				898,793,312


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.65%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		57,303,945	$	57,303,945
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		155,219,248		155,296,858

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $212,625,511)				212,600,803

TOTAL INVESTMENTS IN SECURITIES-123.65% (Cost $924,973,546)				1,111,394,115
OTHER ASSETS LESS LIABILITIES-(23.65)%				(212,601,747	)

NET ASSETS-100.00%			$	898,792,368

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 February 29, 2024.

^(d)	Restricted security. The value of this security at February 29, 2024 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain		Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	500,813	$	9,586,385	$	(9,991,865	)		$	-		$	-		$	95,333	$	12,558

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			45,686,296		185,010,542		(173,392,893	)			-			-			57,303,945		1,261,561	*

Invesco Private Prime Fund			118,020,339		378,815,800		(341,588,071	)			(25,968	)		74,758			155,296,858		3,368,574	*


Total		$	164,207,448	$	573,412,727	$	(524,972,829	)		$	(25,968	)	$	74,758		$	212,696,136	$	4,642,693

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5
		5

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Industrials			24.32

Health Care			24.14

Financials			15.58

Consumer Discretionary			12.55

Information Technology			10.47

Materials			7.12

Sector Types Each Less Than 3%			5.81

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6
		6

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Automobile Components-9.15%
American Axle & Manufacturing Holdings, Inc.^(b)(c)		24,363	$	168,592
Dana, Inc.		26,736		334,200
Dorman Products, Inc.^(b)		5,914		557,217
Gentherm, Inc.^(b)		6,825		388,070
LCI Industries		5,282		665,426
Patrick Industries, Inc.^(c)		4,331		519,460
Phinia, Inc.		9,716		332,482
Standard Motor Products, Inc.^(c)		3,890		123,546
XPEL, Inc.^(b)(c)(d)		4,428		232,824

				3,321,817

Automobiles-1.23%
Winnebago Industries, Inc.^(c)		6,224		446,448

Broadline Retail-1.77%
Kohl’s Corp.^(c)		23,082		643,295

Diversified Consumer Services-6.43%
Adtalem Global Education, Inc.^(b)		8,289		410,305
Frontdoor, Inc.^(b)(c)		16,609		520,858
Mister Car Wash, Inc.^(b)(c)		18,955		157,137
Perdoceo Education Corp.		13,671		243,481
Strategic Education, Inc.^(c)		4,573		506,643
Stride, Inc.^(b)(c)		8,293		495,507

				2,333,931

Hotels, Restaurants & Leisure-13.87%
BJ’s Restaurants, Inc.^(b)(c)		4,836		169,357
Bloomin’ Brands, Inc.		18,114		492,338
Brinker International, Inc.^(b)(c)		9,196		426,143
Cheesecake Factory, Inc. (The)		9,722		343,964
Chuy’s Holdings, Inc.^(b)(c)		3,612		122,194
Cracker Barrel Old Country Store, Inc.^(c)		4,611		304,925
Dave & Buster’s Entertainment, Inc.^(b)(c)		7,151		441,503
Dine Brands Global, Inc.^(c)		3,237		157,027
Golden Entertainment, Inc.		4,467		165,547
Jack in the Box, Inc.^(c)		4,185		305,505
Monarch Casino & Resort, Inc.		2,778		195,432
Papa John’s International, Inc.^(c)		6,833		491,224
Sabre Corp.^(b)		78,978		209,292
Shake Shack, Inc., Class A^(b)(c)		7,819		831,316
Six Flags Entertainment Corp.^(b)(c)		14,952		378,884

				5,034,651

Household Durables-23.65%
Cavco Industries, Inc.^(b)(c)		1,615		601,701
Century Communities, Inc.		5,900		509,111
Ethan Allen Interiors, Inc.^(c)		4,757		159,026
Green Brick Partners, Inc.^(b)(c)		5,288		309,348
Installed Building Products, Inc.^(c)		4,914		1,174,102
iRobot Corp.^(b)(c)		5,799		66,167
La-Z-Boy, Inc.		8,960		340,390
LGI Homes, Inc.^(b)(c)		4,278		488,077
M.D.C. Holdings, Inc.^(c)		12,451		780,678
M/I Homes, Inc.^(b)		5,806		737,304
Meritage Homes Corp.		7,660		1,207,676
Newell Brands, Inc.		79,459		595,942
Sonos, Inc.^(b)		26,767		507,502


	Shares		Value
Household Durables-(continued)
Tri Pointe Homes, Inc.^(b)		20,234	$	715,879
Worthington Enterprises, Inc.^(c)		6,343		394,027

				8,586,930

Leisure Products-2.64%
Sturm, Ruger & Co., Inc.		3,688		159,764
Topgolf Callaway Brands Corp.^(b)(c)		29,569		421,063
Vista Outdoor, Inc.^(b)(c)		12,087		377,114

				957,941

Specialty Retail-34.35%
Abercrombie & Fitch Co., Class A^(b)(c)		10,493		1,340,586
Academy Sports & Outdoors, Inc.^(c)		15,532		1,160,551
Advance Auto Parts, Inc.^(c)		12,395		837,158
American Eagle Outfitters, Inc.^(c)		38,693		918,959
America’s Car-Mart, Inc.^(b)(c)		1,202		80,943
Asbury Automotive Group, Inc.^(b)(c)		4,288		895,463
Boot Barn Holdings, Inc.^(b)(c)		6,318		584,415
Buckle, Inc. (The)^(c)		6,195		253,623
Caleres, Inc.^(c)		6,953		268,455
Designer Brands, Inc., Class A^(c)		9,126		96,371
Foot Locker, Inc.^(c)		17,092		588,478
Group 1 Automotive, Inc.		2,881		779,743
Guess?, Inc.^(c)		5,688		144,361
Haverty Furniture Cos., Inc., (Acquired 10/21/2020 - 01/04/2024; Cost $83,022)^(e)		2,776		95,217
Hibbett, Inc.^(c)		2,579		211,349
Leslie’s, Inc.^(b)(c)		38,296		302,538
MarineMax, Inc.^(b)(c)		4,150		137,780
Monro, Inc.		6,545		219,716
National Vision Holdings, Inc.^(b)(c)		16,285		381,069
ODP Corp. (The)^(b)(c)		6,923		391,011
Sally Beauty Holdings, Inc.^(b)(c)		22,429		283,278
Shoe Carnival, Inc.^(c)		3,758		123,150
Signet Jewelers Ltd.^(c)		9,354		951,863
Sonic Automotive, Inc., Class A^(c)		3,093		162,382
Upbound Group, Inc.^(c)		9,266		312,820
Urban Outfitters, Inc.^(b)(c)		11,809		490,664
Victoria’s Secret & Co.^(b)(c)		16,082		459,302

				12,471,245

Textiles, Apparel & Luxury Goods-6.85%
G-III Apparel Group Ltd.^(b)(c)		8,469		281,764
Hanesbrands, Inc.^(b)(c)		72,851		393,395
Kontoor Brands, Inc.		10,426		616,281
Movado Group, Inc.^(c)		3,260		93,595
Oxford Industries, Inc.^(c)		3,056		309,848
Steven Madden Ltd.^(c)		14,625		626,242
Wolverine World Wide, Inc.		16,552		168,334

				2,489,459

Total Common Stocks & Other Equity Interests (Cost $34,372,558)				36,285,717

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7
		7

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value

Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(f)(g)(Cost $8,333)		8,333	$	8,333

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $34,380,891)				36,294,050


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.41%
Invesco Private Government Fund, 5.29%^(f)(g)(h)		3,236,974		3,236,974


	Shares		Value

Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(f)(g)(h)		8,161,775	$	8,165,856

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,402,522)				11,402,830

TOTAL INVESTMENTS IN SECURITIES-131.37% (Cost $45,783,413)				47,696,880
OTHER ASSETS LESS LIABILITIES-(31.37)%				(11,389,966	)

NET ASSETS-100.00%.			$	36,306,914

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 February 29, 2024.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at February 29, 2024 represented less than 1% of the Fund’s Net Assets.

^(e)	Restricted security. The value of this security at February 29, 2024 represented less than 1% of the Fund’s Net Assets.

^(f)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	16,834	$	304,703	$	(313,204	)		$ -		$ -	$	8,333	$	398

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		2,264,482		6,430,341		(5,457,849	)		-		-		3,236,974		73,787	*

Invesco Private Prime Fund		5,822,958		10,218,071		(7,878,462	)		79		3,210		8,165,856		196,851	*


Total	$	8,104,274	$	16,953,115	$	(13,649,515	)		$79		$3,210	$	11,411,163	$	271,036

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

^(g)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(h)	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 Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8
		8

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Specialty Retail			34.35

Household Durables			23.65

Hotels, Restaurants & Leisure			13.87

Automobile Components			9.15

Textiles, Apparel & Luxury Goods			6.85

Diversified Consumer Services			6.43

Industry Types Each Less Than 3%			5.64

Money Market Funds Plus Other Assets Less Liabilities			0.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9
		9

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Beverages-6.18%
MGP Ingredients, Inc.^(b)		34,625	$	2,949,358
National Beverage Corp.^(b)(c)		51,697		2,721,330

				5,670,688

Consumer Staples Distribution & Retail-16.56%
Andersons, Inc. (The)^(b)		70,279		3,885,023
Chefs’ Warehouse, Inc. (The)^(b)(c)		78,202		2,972,458
PriceSmart, Inc.		55,457		4,666,152
SpartanNash Co.		76,699		1,616,048
United Natural Foods, Inc.^(b)(c)		131,598		2,054,245

				15,193,926

Food Products-36.61%
B&G Foods, Inc.^(b)		174,160		2,011,548
Calavo Growers, Inc.		39,345		1,135,497
Cal-Maine Foods, Inc.		90,041		5,176,457
Fresh Del Monte Produce, Inc.		74,613		1,785,489
Hain Celestial Group, Inc. (The)^(b)(c)		198,719		1,987,190
J&J Snack Foods Corp.^(b)		34,185		4,959,560
John B. Sanfilippo & Son, Inc.^(b)		19,880		2,035,115
Simply Good Foods Co. (The)^(b)(c)		200,777		7,123,568
Tootsie Roll Industries, Inc.		38,263		1,244,313
TreeHouse Foods, Inc.^(b)(c)		111,470		3,989,511
WK Kellogg Co.		146,053		2,138,216

				33,586,464

Household Products-19.24%
Central Garden & Pet Co.^(b)(c)		21,063		924,034
Central Garden & Pet Co., Class A^(c)		118,518		4,466,943
Energizer Holdings, Inc.		147,260		4,204,273
WD-40 Co.^(b)		30,031		8,060,020

				17,655,270

Personal Care Products-14.87%
Edgewell Personal Care Co.		112,556		4,298,514
Inter Parfums, Inc.		39,669		5,820,236
Medifast, Inc.^(b)		24,129		967,331


	Shares		Value
Personal Care Products-(continued)
Nu Skin Enterprises, Inc., Class A		109,443	$	1,368,037
USANA Health Sciences, Inc.^(c)		24,576		1,186,038

				13,640,156

Tobacco-6.42%
Universal Corp.		54,401		2,611,792
Vector Group Ltd.		293,600		3,276,576

				5,888,368

Total Common Stocks & Other Equity Interests (Cost $98,921,529)				91,634,872


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $60,187)		60,187		60,187

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $98,981,716)				91,695,059


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.27%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		5,978,874		5,978,874
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		15,366,567		15,374,250

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $21,355,018)				21,353,124

TOTAL INVESTMENTS IN SECURITIES-123.22% (Cost $120,336,734)				113,048,183
OTHER ASSETS LESS LIABILITIES-(23.22)%				(21,299,702	)

NET ASSETS-100.00%			$	91,748,481

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)		Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	800,794		$	(740,607	)		$ -		$	-		$	60,187		$	602

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10
		10

Invesco S&P SmallCap Consumer Staples ETF (PSCC)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	5,444,712		$	34,677,425		$	(34,143,263	)		$	-			$	-		$	5,978,874		$	154,504	*

Invesco Private Prime Fund			14,000,690			82,227,004			(80,858,884	)			(1,894	)			7,334			15,374,250			418,918	*


Total		$	19,445,402		$	117,705,223		$	(115,742,754	)		$	(1,894	)		$	7,334		$	21,413,311		$	574,024

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Food Products			36.61

Household Products			19.24

Consumer Staples Distribution & Retail			16.56

Personal Care Products			14.87

Tobacco			6.42

Beverages			6.18

Money Market Funds Plus Other Assets Less Liabilities			0.12

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11
		11

Invesco S&P SmallCap Energy ETF (PSCE)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Energy Equipment & Services-41.20%
Archrock, Inc.^(b)		611,218	$	11,166,953
Bristow Group, Inc.^(c)		106,702		2,875,619
Core Laboratories, Inc.^(b)		207,991		3,113,625
Dril-Quip, Inc.^(b)(c)		152,131		3,438,161
Helix Energy Solutions Group, Inc.^(b)(c)		630,585		5,675,265
Helmerich & Payne, Inc.^(b)		430,377		16,522,173
Liberty Energy, Inc., Class A		506,553		10,830,103
Nabors Industries Ltd.^(b)(c)		39,601		3,103,530
Oceaneering International, Inc.^(b)(c)		448,291		8,858,230
Oil States International, Inc.^(b)(c)		283,937		1,530,420
Patterson-UTI Energy, Inc.		1,390,880		16,092,482
ProPetro Holding Corp.^(b)(c)		377,240		2,791,576
RPC, Inc.^(b)		378,104		2,794,189
U.S. Silica Holdings, Inc.^(b)(c)		343,472		3,949,928

				92,742,254

Oil, Gas & Consumable Fuels-58.66%
California Resources Corp.		279,222		14,567,012
Callon Petroleum Co.^(b)(c)		247,348		7,707,364
Comstock Resources, Inc.^(b)		409,007		3,497,009
CONSOL Energy, Inc.^(b)		120,817		10,368,515
CVR Energy, Inc.		129,776		4,305,968
Dorian LPG Ltd.^(b)		151,826		5,488,510
Green Plains, Inc.^(b)(c)		285,924		6,090,181
Northern Oil and Gas, Inc.^(b)		395,922		14,146,293
Par Pacific Holdings, Inc.^(c)		247,746		8,948,585
Peabody Energy Corp.^(b)		490,151		12,141,040
REX American Resources Corp.^(c)		67,679		2,976,522
SM Energy Co.		503,498		22,038,107
Talos Energy, Inc.^(b)(c)		582,978		7,689,480
Vital Energy, Inc.^(b)(c)		110,317		5,552,255
World Kinect Corp.^(b)		267,982		6,528,042

				132,044,883

Total Common Stocks & Other Equity Interests (Cost $224,842,537)				224,787,137


	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $169,378)		169,378	$	169,378

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $225,011,915)				224,956,515


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.64%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		17,181,819		17,181,819
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		47,268,587		47,292,221

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $64,480,018)				64,474,040

TOTAL INVESTMENTS IN SECURITIES-128.58% (Cost $289,491,933)				289,430,555
OTHER ASSETS LESS LIABILITIES-(28.58)%				(64,333,167	)

NET ASSETS-100.00%.			$	225,097,388

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)		Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,031,621		$	(3,862,243	)		$ -		$	-		$	169,378		$	2,308

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12
		12

Invesco S&P SmallCap Energy ETF (PSCE)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	18,527,942		$	103,111,503		$	(104,457,626	)		$	-			$	-		$	17,181,819		$	466,322	*

Invesco Private Prime Fund			47,643,280			215,212,593			(215,577,142	)			(6,538	)			20,028			47,292,221			1,246,229	*


Total		$	66,171,222		$	322,355,717		$	(323,897,011	)		$	(6,538	)		$	20,028		$	64,643,418		$	1,714,859

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Oil, Gas & Consumable Fuels			58.66

Energy Equipment & Services			41.20

Money Market Funds Plus Other Assets Less Liabilities			0.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13
		13

Invesco S&P SmallCap Financials ETF (PSCF)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Banks-34.61%
Ameris Bancorp		4,484	$	207,744
Atlantic Union Bankshares Corp.		5,171		171,987
Axos Financial, Inc.^(b)(c)		3,542		184,609
Banc of California, Inc.		9,018		131,933
BancFirst Corp.^(c)		999		87,652
Bancorp, Inc. (The)^(b)(c)		3,701		165,213
Bank of Hawaii Corp.		2,741		165,227
BankUnited, Inc.		5,133		137,667
Banner Corp.^(c)		2,370		103,901
Berkshire Hills Bancorp, Inc.		2,971		63,847
Brookline Bancorp, Inc.^(c)		6,160		60,183
Capitol Federal Financial, Inc.		8,690		50,315
Cathay General Bancorp^(c)		5,018		195,953
Central Pacific Financial Corp.		1,860		34,708
City Holding Co.^(c)		1,024		102,892
Community Bank System, Inc.		3,690		167,157
Customers Bancorp, Inc.^(b)(c)		1,951		105,959
CVB Financial Corp.^(c)		9,127		155,342
Dime Community Bancshares, Inc.^(c)		2,402		45,013
Eagle Bancorp, Inc.		2,057		48,998
FB Financial Corp.		2,424		86,391
First Bancorp (Puerto Rico)		11,896		201,994
First Bancorp/Southern Pines NC^(c)		2,836		96,764
First Commonwealth Financial Corp.		7,047		91,822
First Financial Bancorp		6,561		142,374
First Hawaiian, Inc.^(c)		8,796		184,364
Fulton Financial Corp.^(c)		11,319		174,313
Hanmi Financial Corp.		2,089		31,565
Heritage Financial Corp.		2,400		44,040
Hilltop Holdings, Inc.		3,192		98,569
Hope Bancorp, Inc.		8,289		90,930
Independent Bank Corp.		3,023		157,710
Independent Bank Group, Inc.		2,478		108,363
Lakeland Financial Corp.^(c)		1,755		111,794
National Bank Holdings Corp., Class A^(c)		2,606		88,187
NBT Bancorp, Inc.^(c)		3,248		111,699
Northfield Bancorp, Inc.		2,719		27,462
Northwest Bancshares, Inc.^(c)		8,768		100,481
OFG Bancorp (Puerto Rico)		3,245		117,534
Pacific Premier Bancorp, Inc.^(c)		6,611		151,127
Park National Corp.		991		127,353
Pathward Financial, Inc.		1,807		91,868
Preferred Bank^(c)		860		61,791
Provident Financial Services, Inc.^(c)		5,215		78,642
Renasant Corp.^(c)		3,870		122,331
S&T Bancorp, Inc.		2,638		82,279
Seacoast Banking Corp. of Florida^(c)		5,870		141,702
ServisFirst Bancshares, Inc.^(c)		3,384		213,835
Simmons First National Corp., Class A		8,631		165,715
Southside Bancshares, Inc.^(c)		1,989		57,005
Stellar Bancorp, Inc.		3,236		76,693
Tompkins Financial Corp.		860		41,418
Triumph Financial, Inc.^(b)(c)		1,495		112,125
TrustCo Bank Corp.		1,308		35,695
Trustmark Corp.		4,211		113,107
United Community Banks, Inc.^(c)		8,215		213,672
Veritex Holdings, Inc.		3,759		73,789


	Shares		Value
Banks-(continued)
WaFd, Inc.^(c)		4,688	$	127,701
Westamerica Bancorporation^(c)		1,839		84,061
WSFS Financial Corp.^(c)		4,197		177,911

				6,802,476

Capital Markets-6.56%
Artisan Partners Asset Management, Inc., Class A^(c)		4,721		203,333
B. Riley Financial, Inc.^(c)		1,135		20,805
BrightSphere Investment Group, Inc.		2,226		50,441
Donnelley Financial Solutions, Inc.^(b)		1,710		110,398
Moelis & Co., Class A		4,602		248,692
Piper Sandler Cos		1,039		195,612
PJT Partners, Inc., Class A		1,537		162,000
StoneX Group, Inc.^(b)		1,850		128,131
Virtus Investment Partners, Inc.		466		108,261
WisdomTree, Inc.^(c)		7,659		61,732

				1,289,405

Consumer Finance-3.51%
Bread Financial Holdings, Inc.^(c)		3,400		130,152
Encore Capital Group, Inc.^(b)(c)		1,623		77,904
Enova International, Inc.^(b)(c)		2,059		130,232
EZCORP, Inc., Class A^(b)(c)		3,583		37,586
Green Dot Corp., Class A^(b)(c)		3,100		25,451
Navient Corp.		5,840		94,958
PRA Group, Inc.^(b)(c)		2,717		69,447
PROG Holdings, Inc.^(b)(c)		3,086		95,265
World Acceptance Corp.^(b)(c)		236		28,263

				689,258

Diversified REITs-2.83%
Alexander & Baldwin, Inc.^(c)		5,007		81,414
American Assets Trust, Inc.		3,354		72,346
Armada Hoffler Properties, Inc.		4,634		47,174
Essential Properties Realty Trust, Inc.^(c)		10,768		257,247
Global Net Lease, Inc.^(c)		13,506		97,378

				555,559

Financial Services-8.35%
EVERTEC, Inc. (Puerto Rico)		4,535		163,850
Jackson Financial, Inc., Class A^(c)		4,884		268,864
Mr. Cooper Group, Inc.^(b)(c)		4,547		324,110
NCR Atleos Corp.^(b)		4,614		100,401
NMI Holdings, Inc., Class A^(b)		5,590		168,147
Payoneer Global, Inc.^(b)		17,981		87,388
Radian Group, Inc.^(c)		10,577		308,214
Walker & Dunlop, Inc.^(c)		2,309		220,232

				1,641,206

Health Care REITs-1.82%
CareTrust REIT, Inc.^(c)		8,212		185,263
Community Healthcare Trust, Inc.		1,760		47,766
LTC Properties, Inc.^(c)		2,858		89,913
Universal Health Realty Income Trust^(c)		874		33,894

				356,836

Hotel & Resort REITs-4.75%
Apple Hospitality REIT, Inc.		14,694		236,426
Chatham Lodging Trust		3,359		34,262

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14
		14

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Hotel & Resort REITs-(continued)
DiamondRock Hospitality Co.^(c)		14,450	$	135,830
Pebblebrook Hotel Trust^(c)		8,307		131,583
Service Properties Trust		11,444		77,819
Summit Hotel Properties, Inc.		7,395		47,476
Sunstone Hotel Investors, Inc.		14,157		158,417
Xenia Hotels & Resorts, Inc.^(c)		7,316		112,227

				934,040

Industrial REITs-1.85%
Innovative Industrial Properties, Inc.^(c)		1,933		189,414
LXP Industrial Trust		20,174		174,707

				364,121

Insurance-11.25%
Ambac Financial Group, Inc.^(b)		3,107		50,831
American Equity Investment Life Holding Co.^(b)		4,311		239,433
AMERISAFE, Inc.		1,320		69,643
Assured Guaranty Ltd.		3,750		343,500
Employers Holdings, Inc.^(c)		1,779		81,318
Genworth Financial, Inc., Class A^(b)		31,089		191,197
Goosehead Insurance, Inc., Class A^(b)(c)		1,685		127,470
HCI Group, Inc.^(c)		413		40,317
Horace Mann Educators Corp.		2,817		101,947
Lincoln National Corp.		11,714		322,604
Mercury General Corp.		1,835		89,346
Palomar Holdings, Inc.^(b)		1,709		130,123
ProAssurance Corp.^(c)		3,505		43,217
Safety Insurance Group, Inc.		1,021		83,885
SiriusPoint Ltd. (Bermuda)^(b)		6,262		76,835
Stewart Information Services Corp.^(c)		1,889		118,969
Trupanion, Inc.^(b)(c)		2,458		65,752
United Fire Group, Inc., (Acquired 06/13/2017 - 03/18/2021; Cost $64,812)^(d)		1,458		33,957

				2,210,344

Mortgage REITs-6.67%
Apollo Commercial Real Estate Finance, Inc.^(c)		8,973		100,587
Arbor Realty Trust, Inc.^(c)		12,996		174,147
ARMOUR Residential REIT, Inc.		3,395		67,221
Blackstone Mortgage Trust, Inc., Class A^(c)		11,895		242,301
Ellington Financial, Inc.		5,440		61,635
Franklin BSP Realty Trust, Inc.^(c)		5,682		73,355
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		7,666		192,953
KKR Real Estate Finance Trust, Inc.^(c)		4,003		39,029
New York Mortgage Trust, Inc.^(c)		6,235		44,954
PennyMac Mortgage Investment Trust^(c)		5,990		84,639
Ready Capital Corp.^(c)		10,926		96,477
Redwood Trust, Inc.^(c)		8,156		49,996
Two Harbors Investment Corp.^(c)		6,653		84,294

				1,311,588

Office REITs-4.22%
Brandywine Realty Trust^(c)		11,830		50,869
Douglas Emmett, Inc.^(c)		11,499		152,017
Easterly Government Properties, Inc.		6,575		77,585
Highwoods Properties, Inc.^(c)		7,290		178,240
Hudson Pacific Properties, Inc.^(c)		8,791		55,735


	Shares		Value
Office REITs-(continued)
JBG SMITH Properties, (Acquired 03/17/2023 -02/09/2024; Cost $86,963)^(d)		6,006	$	99,579
SL Green Realty Corp.		4,449		215,688

				829,713

Real Estate Management & Development-2.53%
Anywhere Real Estate, Inc.^(b)(c)		7,595		47,620
Cushman & Wakefield PLC^(b)(c)		11,596		115,844
eXp World Holdings, Inc.^(c)		5,330		69,823
Kennedy-Wilson Holdings, Inc.		8,181		71,829
Marcus & Millichap, Inc.		1,649		60,502
St. Joe Co. (The)		2,456		132,305

				497,923

Residential REITs-1.34%
Centerspace^(c)		1,043		57,980
Elme Communities^(c)		6,062		78,079
NexPoint Residential Trust, Inc.		1,572		45,918
Veris Residential, Inc.^(c)		5,540		80,884

				262,861

Retail REITs-7.30%
Acadia Realty Trust^(c)		6,575		107,764
Getty Realty Corp.^(c)		3,316		87,410
Macerich Co. (The)^(c)		14,872		244,050
Phillips Edison & Co., Inc.		8,260		295,047
Retail Opportunity Investments Corp.^(c)		8,689		112,349
Saul Centers, Inc.		889		32,173
SITE Centers Corp.		12,413		168,569
Tanger, Inc.		7,263		209,247
Urban Edge Properties		8,106		137,883
Whitestone REIT		3,239		39,904

				1,434,396

Specialized REITs-2.31%
Four Corners Property Trust, Inc.^(c)		6,242		150,932
Outfront Media, Inc.		10,012		143,872
Safehold, Inc.^(b)(c)		3,103		62,432
Uniti Group, Inc.^(c)		16,482		96,585

				453,821

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $21,819,118)				19,633,547


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.55%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		1,772,843		1,772,843
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		4,622,236		4,624,547

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,397,250)				6,397,390

TOTAL INVESTMENTS IN SECURITIES-132.45% (Cost $28,216,368)				26,030,937
OTHER ASSETS LESS LIABILITIES-(32.45)%				(6,377,432	)

NET ASSETS-100.00%			$	19,653,505

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15
		15

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 29, 2024

(Unaudited)

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)	Restricted security. The aggregate value of these securities at February 29, 2024 was $133,536, which represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Invesco Mortgage Capital, Inc.		$	41,726		$	217		$	(34,232	)		$	237,987		$	(245,698	)		$	-		$	1,338

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			407,020			(407,020	)			-			-				-			239

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,018,928			4,178,321			(4,424,406	)			-			-				1,772,843			46,480	*

Invesco Private Prime Fund			5,191,532			6,159,719			(6,728,990	)			34			2,252				4,624,547			124,279	*


Total		$	7,252,186		$	10,745,277		$	(11,594,648	)		$	238,021		$	(243,446	)		$	6,397,390		$	172,336

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Banks			34.61

Insurance			11.25

Financial Services			8.35

Retail REITs			7.30

Mortgage REITs			6.67

Capital Markets			6.56

Hotel & Resort REITs			4.75

Office REITs			4.22

Consumer Finance			3.51

Industry Types Each Less Than 3%			12.68

Money Market Funds Plus Other Assets Less Liabilities			0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16
		16

Invesco S&P SmallCap Health Care ETF (PSCH)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Biotechnology-20.48%
Alkermes PLC^(b)(c)		299,670	$	8,897,202
Arcus Biosciences, Inc.^(b)(c)		96,739		1,850,617
Catalyst Pharmaceuticals, Inc.^(b)(c)		198,984		3,189,713
Cytokinetics, Inc.^(b)(c)		176,072		12,719,441
Dynavax Technologies Corp.^(b)(c)		232,107		2,940,796
Ironwood Pharmaceuticals, Inc.^(b)(c)		246,678		2,326,174
Myriad Genetics, Inc.^(b)(c)		159,242		3,332,935
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(d)		20,053		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(d)		20,053		0
REGENXBIO, Inc.^(b)(c)		72,724		1,268,307
Vericel Corp.^(b)(c)		85,705		3,915,004
Vir Biotechnology, Inc.^(b)(c)		154,617		1,737,895
Xencor, Inc.^(b)		109,341		2,509,376

				44,687,460

Health Care Equipment & Supplies-23.09%
Artivion, Inc.^(b)(c)		70,001		1,351,019
Avanos Medical, Inc.^(b)		84,059		1,560,976
CONMED Corp.^(c)		55,226		4,435,752
Embecta Corp.		102,887		1,469,226
Glaukos Corp.^(b)(c)		87,494		7,751,093
ICU Medical, Inc.^(b)(c)		36,409		3,976,955
Integer Holdings Corp.^(b)(c)		59,852		6,601,077
LeMaitre Vascular, Inc.^(c)		35,585		2,490,950
Merit Medical Systems, Inc.^(b)(c)		103,703		7,902,169
Omnicell, Inc.^(b)(c)		81,623		2,141,788
OraSure Technologies, Inc.^(b)(c)		132,025		949,920
STAAR Surgical Co.^(b)(c)		87,635		2,737,717
Tandem Diabetes Care, Inc.^(b)(c)		116,867		3,112,168
UFP Technologies, Inc.^(b)(c)		12,616		2,628,039
Varex Imaging Corp.^(b)(c)		72,803		1,252,212

				50,361,061

Health Care Providers & Services-30.93%
AdaptHealth Corp.^(b)(c)		146,970		1,503,503
Addus HomeCare Corp.^(b)		29,118		2,687,009
Agiliti, Inc.^(b)(c)		62,884		620,665
AMN Healthcare Services, Inc.^(b)(c)		67,860		3,818,482
Astrana Health, Inc.^(b)(c)		74,607		3,360,299
CorVel Corp.^(b)(c)		16,273		3,970,612
Cross Country Healthcare, Inc.^(b)(c)		59,367		1,084,635
Enhabit, Inc.^(b)(c)		90,021		810,189
Ensign Group, Inc. (The)^(c)		101,382		12,664,640
Fulgent Genetics, Inc.^(b)(c)		36,205		816,785
ModivCare, Inc.^(b)(c)		22,174		621,759
National HealthCare Corp.^(c)		24,220		2,389,545
NeoGenomics, Inc.^(b)(c)		228,904		3,570,903
Owens & Minor, Inc.^(b)(c)		137,408		3,343,137
Patterson Cos., Inc.^(c)		152,836		4,140,327
Pediatrix Medical Group, Inc.^(b)(c)		148,621		1,359,882
Premier, Inc., Class A		214,907		4,482,960
Privia Health Group, Inc.^(b)(c)		184,422		4,116,299
RadNet, Inc.^(b)(c)		108,514		4,108,340


	Shares		Value
Health Care Providers & Services-(continued)
Select Medical Holdings Corp.		188,787	$	5,140,670
U.S. Physical Therapy, Inc.^(c)		26,916		2,860,363

				67,471,004

Health Care Technology-4.25%
Certara, Inc.^(b)(c)		192,323		3,246,412
HealthStream, Inc.		42,979		1,172,467
Schrodinger, Inc.^(b)(c)		98,222		2,500,732
Simulations Plus, Inc.^(c)		28,625		1,187,938
Veradigm, Inc.^(b)(c)		196,135		1,174,849

				9,282,398

Life Sciences Tools & Services-4.32%
BioLife Solutions, Inc.^(b)(c)		62,495		1,056,166
Cytek Biosciences, Inc.^(b)(c)		177,585		1,367,404
Fortrea Holdings, Inc.^(b)(c)		159,482		5,986,954
Mesa Laboratories, Inc.		9,194		1,003,893

				9,414,417


Pharmaceuticals-16.84%
Amphastar Pharmaceuticals, Inc.^(b)(c)		67,103		3,124,987
ANI Pharmaceuticals, Inc.^(b)(c)		27,075		1,832,165
Collegium Pharmaceutical, Inc.^(b)(c)		58,573		2,150,215
Corcept Therapeutics, Inc.^(b)(c)		162,077		3,808,809
Harmony Biosciences Holdings, Inc.^(b)(c)		58,899		1,890,658
Innoviva, Inc.^(b)(c)		101,267		1,547,360
Ligand Pharmaceuticals, Inc.^(b)(c)		29,445		2,336,461
Organon & Co.^(c)		459,033		7,991,764
Pacira BioSciences, Inc.^(b)(c)		83,390		2,478,351
Phibro Animal Health Corp., Class A		36,577		472,941
Prestige Consumer Healthcare, Inc.^(b)		89,121		6,201,039
Supernus Pharmaceuticals, Inc.^(b)(c)		98,090		2,913,273

				36,748,023

Total Common Stocks & Other Equity Interests (Cost $226,231,904)				217,964,363


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(e)(f)(Cost $19,950)		19,950		19,950

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $226,251,854)				217,984,313


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-34.44%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		21,031,482		21,031,482

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17
		17

Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		54,058,841	$	54,085,870

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $75,119,001)				75,117,352

TOTAL INVESTMENTS IN SECURITIES-134.36% (Cost $301,370,855)				293,101,665
OTHER ASSETS LESS LIABILITIES-(34.36)%				(74,947,766	)

NET ASSETS-100.00%.			$	218,153,899

Investment Abbreviations:

Rts.-Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	93,363		$	3,371,148	$	(3,444,561	)	$	-		$	-	$	19,950	$	2,647

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			21,876,344			43,789,911		(44,634,773	)		-			-		21,031,482		513,468	*

Invesco Private Prime Fund			56,253,459			81,651,515		(83,845,384	)		(2,725	)		29,005		54,085,870		1,372,606	*


Total		$	78,223,166		$	128,812,574	$	(131,924,718	)	$	(2,725	)	$	29,005	$	75,137,302	$	1,888,721

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18
		18

Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Health Care Providers & Services			30.93

Health Care Equipment & Supplies			23.09

Biotechnology			20.48

Pharmaceuticals			16.84

Life Sciences Tools & Services			4.32

Health Care Technology			4.25

Money Market Funds Plus Other Assets
Less Liabilities			0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19
		19

Invesco S&P SmallCap Industrials ETF (PSCI)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Aerospace & Defense-6.80%
AAR Corp.^(b)		29,095	$	1,942,964
AeroVironment, Inc.^(b)(c)		22,811		2,892,207
Kaman Corp.		24,485		1,121,658
Mercury Systems, Inc.^(b)(c)		45,266		1,352,095
Moog, Inc., Class A		24,945		3,740,503
National Presto Industries, Inc.^(c)		4,544		351,387
Triumph Group, Inc.^(b)(c)		66,693		927,033

				12,327,847

Air Freight & Logistics-1.73%
Forward Air Corp.^(c)		22,263		826,625
Hub Group, Inc., Class A^(b)		54,131		2,302,192

				3,128,817

Building Products-15.58%
AAON, Inc.^(c)		58,412		4,905,440
American Woodmark Corp.^(b)(c)		14,249		1,428,320
Apogee Enterprises, Inc.		19,155		1,095,858
Armstrong World Industries, Inc.		38,261		4,614,659
AZZ, Inc.^(c)		21,759		1,584,055
Gibraltar Industries, Inc.^(b)		26,409		2,045,377
Griffon Corp.		35,537		2,537,342
Hayward Holdings, Inc.^(b)(c)		109,400		1,618,026
Insteel Industries, Inc.^(c)		16,885		614,783
MasterBrand, Inc.^(b)		109,991		1,903,944
PGT Innovations, Inc.^(b)		49,503		2,067,740
Quanex Building Products Corp.		28,624		989,818
Resideo Technologies, Inc.^(b)		126,691		2,829,010

				28,234,372

Commercial Services & Supplies-12.23%
ABM Industries, Inc.		56,862		2,348,969
Brady Corp., Class A.		38,892		2,266,626
CoreCivic, Inc.^(b)		98,575		1,501,297
Deluxe Corp.		37,916		735,950
Enviri Corp.^(b)(c)		69,275		544,501
GEO Group, Inc. (The)^(b)(c)		105,895		1,299,332
Healthcare Services Group, Inc.^(b)		64,078		817,635
HNI Corp.		40,413		1,810,907
Interface, Inc.^(c)		50,419		792,587
Liquidity Services, Inc.^(b)		19,445		348,649
Matthews International Corp., Class A		26,435		765,029
MillerKnoll, Inc.		63,762		1,947,929
OPENLANE, Inc.^(b)(c)		93,731		1,431,272
Pitney Bowes, Inc.^(c)		133,111		536,437
UniFirst Corp.		13,103		2,210,738
Vestis Corp.		113,430		2,127,947
Viad Corp.^(b)		18,152		675,799

				22,161,604

Construction & Engineering-6.09%
Arcosa, Inc.		42,309		3,511,647
Dycom Industries, Inc.^(b)(c)		25,384		3,210,822
Granite Construction, Inc.^(c)		38,120		1,964,324
MYR Group, Inc.^(b)(c)		14,503		2,356,157

				11,042,950

Electrical Equipment-3.16%
Encore Wire Corp.^(c)		13,687		3,298,567


	Shares		Value
Electrical Equipment-(continued)
Powell Industries, Inc.		7,927	$	1,468,397
SunPower Corp.^(b)(c)		74,493		231,673
Vicor Corp.^(b)(c)		19,587		729,420

				5,728,057

Ground Transportation-3.62%
ArcBest Corp.		20,533		2,933,344
Heartland Express, Inc.^(c)		39,771		508,273
Marten Transport Ltd.^(c)		50,093		944,253
RXO, Inc.^(b)(c)		101,526		2,184,840

				6,570,710

Machinery-27.21%
3D Systems Corp.^(b)(c)		115,784		479,346
Alamo Group, Inc.^(c)		8,966		1,813,732
Albany International Corp., Class A		27,064		2,540,498
Astec Industries, Inc.		19,736		801,282
Barnes Group, Inc.		43,970		1,536,312
Enerpac Tool Group Corp.^(c)		47,150		1,589,426
Enpro, Inc.		18,142		2,826,886
ESCO Technologies, Inc.^(c)		22,371		2,279,381
Federal Signal Corp.		52,865		4,330,172
Franklin Electric Co., Inc.		34,418		3,578,095
Greenbrier Cos., Inc. (The)		26,989		1,396,681
Hillenbrand, Inc.^(c)		60,662		2,884,478
John Bean Technologies Corp.^(c)		27,625		2,803,385
Kennametal, Inc.		69,068		1,743,276
Lindsay Corp.		9,557		1,140,246
Mueller Industries, Inc.		98,352		5,053,326
Proto Labs, Inc.^(b)(c)		22,373		815,048
SPX Technologies, Inc.^(b)(c)		39,537		4,633,341
Standex International Corp.^(c)		10,327		1,786,571
Tennant Co.		16,208		1,834,584
Titan International, Inc.^(b)(c)		43,905		560,228
Trinity Industries, Inc.		71,045		1,803,122
Wabash National Corp.^(c)		39,994		1,091,036

				49,320,452

Marine Transportation-1.86%
Matson, Inc.		30,313		3,366,259

Passenger Airlines-5.38%
Alaska Air Group, Inc.^(b)		110,896		4,146,401
Allegiant Travel Co.		13,090		952,690
JetBlue Airways Corp.^(b)(c)		289,201		1,874,023
SkyWest, Inc.^(b)		35,529		2,281,672
Sun Country Airlines Holdings, Inc.^(b)(c)		33,816		507,240

				9,762,026

Professional Services-6.05%
CSG Systems International, Inc.		24,642		1,344,468
Forrester Research, Inc.^(b)		10,019		202,083
Heidrick & Struggles International, Inc.		17,456		593,504
Kelly Services, Inc., Class A		27,729		680,192
Korn Ferry		45,734		2,911,427
NV5 Global, Inc.^(b)(c)		11,039		1,122,777
Resources Connection, Inc.^(c)		27,776		384,142
TrueBlue, Inc.^(b)		27,019		317,473

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20
		20

Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Professional Services-(continued)
TTEC Holdings, Inc.^(c)		16,463	$	287,279
Verra Mobility Corp., Class A^(b)		144,313		3,120,047

				10,963,392

Trading Companies & Distributors-10.21%
Applied Industrial Technologies, Inc.		33,590		6,378,405
Boise Cascade Co.		34,298		4,661,441
DNOW, Inc.^(b)		92,264		1,305,536
DXP Enterprises, Inc.^(b)		11,512		408,906
GMS, Inc.^(b)		35,225		3,145,945
Rush Enterprises, Inc., Class A		53,447		2,602,869

				18,503,102

Total Common Stocks & Other Equity Interests (Cost $151,401,961)				181,109,588


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $52,937)		52,937		52,937

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $151,454,898)				181,162,525


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.66%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		6,396,728	$	6,396,728
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		16,549,710		16,557,985

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,956,654)				22,954,713

TOTAL INVESTMENTS IN SECURITIES-112.61% (Cost $174,411,552)				204,117,238
OTHER ASSETS LESS LIABILITIES-(12.61)%				(22,860,745	)

NET ASSETS-100.00%.			$	181,256,493

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	6,891		$	1,721,504		$	(1,675,458	)		$	-			$	-		$	52,937		$	1,909

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,283,215			41,152,452			(38,038,939	)			-				-			6,396,728			134,498	*

Invesco Private Prime Fund			9,438,856			91,747,143			(84,631,474	)			(1,941	)			5,401			16,557,985			371,315	*


Total		$	12,728,962		$	134,621,099		$	(124,345,871	)		$	(1,941	)		$	5,401		$	23,007,650		$	507,722

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21
		21

Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Machinery			27.21

Building Products			15.58

Commercial Services & Supplies			12.23

Trading Companies & Distributors			10.21

Aerospace & Defense			6.80

Construction & Engineering			6.09

Professional Services			6.05

Passenger Airlines			5.38

Ground Transportation			3.62

Electrical Equipment			3.16

Industry Types Each Less Than 3%			3.59

Money Market Funds Plus Other Assets Less Liabilities			0.08

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22
		22

Invesco S&P SmallCap Information Technology ETF (PSCT)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communications Equipment-7.17%
ADTRAN Holdings, Inc.^(b)		170,723	$	971,414
Digi International, Inc.^(b)(c)		86,664		2,561,788
Extreme Networks, Inc.^(c)		312,234		3,946,638
Harmonic, Inc.^(b)(c)		270,320		3,549,301
NetScout Systems, Inc.^(c)		171,094		3,704,185
Viasat, Inc.^(b)(c)		180,038		3,523,344
Viavi Solutions, Inc.^(b)(c)		535,912		5,117,959

				23,374,629

Electronic Equipment, Instruments & Components-34.78%
Advanced Energy Industries, Inc.^(b)		89,830		9,090,796
Arlo Technologies, Inc.^(c)		227,927		2,372,720
Badger Meter, Inc.		70,714		11,221,605
Benchmark Electronics, Inc.^(b)		85,911		2,638,327
CTS Corp.^(b)		75,072		3,345,208
ePlus, Inc.^(c)		64,887		5,346,040
Fabrinet (Thailand)^(c)		87,532		18,869,273
Insight Enterprises, Inc.^(b)(c)		66,705		12,540,540
Itron, Inc.^(c)		109,625		10,160,045
Knowles Corp.^(c)		217,396		3,552,251
Methode Electronics, Inc.		86,693		1,846,561
OSI Systems, Inc.^(c)		37,650		4,938,927
PC Connection, Inc.		27,201		1,805,602
Plexus Corp.^(c)		66,204		6,249,658
Rogers Corp.^(b)(c)		40,376		4,524,938
Sanmina Corp.^(c)		137,844		8,711,741
ScanSource, Inc.^(c)		60,157		2,600,587
TTM Technologies, Inc.^(c)		246,373		3,658,639

				113,473,458

IT Services-4.79%
DXC Technology Co.^(c)		466,467		10,196,968
Perficient, Inc.^(b)(c)		83,779		5,434,744

				15,631,712

Semiconductors & Semiconductor Equipment-24.22%
Alpha & Omega Semiconductor Ltd.^(b)(c)		54,213		1,187,265
Axcelis Technologies, Inc.^(c)		78,894		8,888,987
CEVA, Inc.^(b)(c)		56,802		1,285,997
Cohu, Inc.^(c)		114,441		3,676,989
Diodes, Inc.^(c)		110,664		7,522,939
FormFactor, Inc.^(c)		187,538		8,069,760
Ichor Holdings Ltd.^(b)(c)		70,740		3,027,672
Kulicke & Soffa Industries, Inc. (Singapore)^(b)		136,039		6,478,177
MaxLinear, Inc.^(c)		178,843		3,476,708
PDF Solutions, Inc.^(c)		73,783		2,507,884
Photronics, Inc.^(c)		150,640		4,336,926
Semtech Corp.^(b)(c)		154,541		3,276,269
SiTime Corp.^(b)(c)		41,665		3,854,013
SMART Global Holdings, Inc.^(c)		125,097		2,660,813
SolarEdge Technologies, Inc.^(b)(c)		136,868		9,193,424
Ultra Clean Holdings, Inc.^(c)		108,007		4,665,902
Veeco Instruments, Inc.^(b)(c)		135,751		4,915,544

				79,025,269


	Shares		Value
Software-27.07%
A10 Networks, Inc.^(b)		167,893	$	2,234,656
ACI Worldwide, Inc.^(c)		261,957		8,621,005
Adeia, Inc.		258,208		2,928,079
Agilysys, Inc.^(c)		48,911		3,805,276
Alarm.com Holdings, Inc.^(b)(c)		120,439		9,116,028
Cerence, Inc.^(b)(c)		97,205		1,448,354
Consensus Cloud Solutions, Inc.^(b)(c)		42,936		683,541
Digital Turbine, Inc.^(b)(c)		219,668		696,347
DoubleVerify Holdings, Inc.^(b)(c)		335,862		10,374,777
Envestnet, Inc.^(b)(c)		119,802		6,173,397
InterDigital, Inc.^(b)		61,908		6,625,394
LiveRamp Holdings, Inc.^(c)		157,867		5,522,188
N-able, Inc.^(c)		167,506		2,256,306
NCR Voyix Corp.^(c)		323,116		4,720,725
Progress Software Corp.		104,964		5,600,879
SPS Commerce, Inc.^(c)		88,411		16,370,181
Xperi, Inc.^(b)(c)		104,690		1,147,402

				88,324,535

Technology Hardware, Storage & Peripherals-1.97%
Corsair Gaming, Inc.^(c)		104,207		1,349,481
Xerox Holdings Corp.^(b)		272,505		5,082,218

				6,431,699

Total Common Stocks & Other Equity Interests (Cost $276,509,432)				326,261,302


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $10)		10		10

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $276,509,442)				326,261,312


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.68%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		22,540,137		22,540,137
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		57,931,389		57,960,355

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $80,508,433)				80,500,492

TOTAL INVESTMENTS IN SECURITIES-124.68% (Cost $357,017,875)				406,761,804
OTHER ASSETS LESS LIABILITIES-(24.68)%				(80,513,385	)

NET ASSETS-100.00%			$	326,248,419

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		23
		23

Invesco S&P SmallCap Information Technology ETF (PSCT)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	12,479		$	2,604,261			$ (2,616,730	)		$	-			$	-		$	10		$	2,832

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			22,373,280			75,587,583			(75,420,726	)			-				-			22,540,137			445,014	^*

Invesco Private Prime Fund			57,531,290			166,673,431			(166,258,423	)			(7,278	)			21,335			57,960,355			1,177,307	^*


Total		$	79,917,049		$	244,865,275		$	(244,295,879	)		$	(7,278	)		$	21,335		$	80,500,502		$	1,625,153

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Electronic Equipment, Instruments & Components			34.78

Software			27.07

Semiconductors & Semiconductor Equipment			24.22

Communications Equipment			7.17

IT Services			4.79

Technology Hardware, Storage & Peripherals			1.97

Money Market Funds Plus Other Assets Less Liabilities			0.00

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24
		24

Invesco S&P SmallCap Materials ETF (PSCM)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Chemicals-42.74%
AdvanSix, Inc.		6,154	$	172,189
Balchem Corp.^(b)		7,321		1,150,788
H.B. Fuller Co.		12,267		975,595
Hawkins, Inc.		4,324		303,761
Ingevity Corp.^(b)(c)		7,710		352,193
Innospec, Inc.		5,690		707,096
Koppers Holdings, Inc.		4,758		269,398
Mativ Holdings, Inc., Class A		12,371		214,884
Minerals Technologies, Inc.		7,448		538,937
Quaker Chemical Corp.^(b)		3,168		635,184
Sensient Technologies Corp.		9,669		646,663
Stepan Co.		4,859		433,423

				6,400,111

Containers & Packaging-12.73%
Myers Industries, Inc.		8,403		161,590
O-I Glass, Inc.^(c)		35,484		600,389
Sealed Air Corp.		32,797		1,143,631

				1,905,610

Metals & Mining-39.55%
Alpha Metallurgical Resources, Inc.^(b)		2,685		1,012,916
ATI, Inc.^(b)(c)		28,970		1,424,745
Carpenter Technology Corp.		11,196		723,821
Century Aluminum Co.^(b)(c)		11,804		123,588
Compass Minerals International, Inc.		7,705		175,674
Haynes International, Inc.		2,913		173,120
Kaiser Aluminum Corp.		3,659		265,351
Materion Corp.		4,723		634,393
Metallus, Inc.^(b)(c)		8,771		190,769
Olympic Steel, Inc.		2,236		152,093
SunCoke Energy, Inc.		19,131		204,893
Warrior Met Coal, Inc.		10,886		620,175
Worthington Steel, Inc.^(c)		6,971		220,702

				5,922,240


	Shares		Value
Paper & Forest Products-4.87%
Clearwater Paper Corp.^(c)		3,778	$	148,438
Mercer International, Inc. (Germany)		9,996		91,763
Sylvamo Corp.		8,083		488,294

				728,495

Total Common Stocks & Other Equity Interests (Cost $13,322,387)				14,956,456


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $1,347)		1,347		1,347

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $13,323,734)				14,957,803


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.75%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		514,753		514,753
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		1,692,812		1,693,658

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,208,571)				2,208,411

TOTAL INVESTMENTS IN SECURITIES-114.65% (Cost $15,532,305)				17,166,214

OTHER ASSETS LESS LIABILITIES-(14.65)%				(2,193,279	)

NET ASSETS-100.00%			$	14,972,935

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	169,577		$	(168,230	)		$	-		$	-		$	1,347		$	110

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		25
		25

Invesco S&P SmallCap Materials ETF (PSCM)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,352,773		$	5,993,690		$	(6,831,710	)		$ -			$	-		$	514,753		$	19,619	^*

Invesco Private Prime Fund			3,478,560			12,832,716			(14,618,293	)		(80	)			755			1,693,658			50,969	^*


Total		$	4,831,333		$	18,995,983		$	(21,618,233	)		$(80	)		$	755		$	2,209,758		$	70,698

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Chemicals			42.74

Metals & Mining			39.55

Containers & Packaging			12.73

Paper & Forest Products			4.87

Money Market Funds Plus Other Assets Less Liabilities			0.11

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26
		26

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

February 29, 2024

(Unaudited)

Schedule of Investments(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Diversified Telecommunication Services-13.10%
ATN International, Inc.^(b)		3,254	$	109,139
Cogent Communications Holdings, Inc.^(b)		13,261		1,072,947
Consolidated Communications Holdings, Inc.^(b)(c)		23,136		99,716
Lumen Technologies, Inc.^(b)(c)		313,085		507,198
Shenandoah Telecommunications Co.^(b)		15,598		291,059

				2,080,059

Electric Utilities-7.28%
Otter Tail Corp.^(b)		12,781		1,156,169

Entertainment-10.38%
Cinemark Holdings, Inc.^(b)(c)		32,920		573,137
Madison Square Garden Sports Corp., Class A^(b)(c)		5,114		962,404
Marcus Corp. (The)		7,640		112,079

				1,647,620

Gas Utilities-6.96%
Chesapeake Utilities Corp.^(b)		6,721		685,744
Northwest Natural Holding Co.		11,413		419,313

				1,105,057

Independent Power and Renewable Electricity Producers-4.81%
Clearway Energy, Inc., Class A		10,588		214,513
Clearway Energy, Inc., Class C		25,202		549,404

				763,917

Interactive Media & Services-20.43%
CarGurus, Inc.^(b)(c)		26,587		588,636
Cars.com, Inc.^(b)(c)		19,114		350,551
QuinStreet, Inc.^(c)		16,089		235,382
Shutterstock, Inc.		7,425		362,043
TripAdvisor, Inc.^(b)(c)		33,613		901,501
Yelp, Inc.^(b)(c)		20,944		805,087

				3,243,200

Media-12.06%
AMC Networks, Inc., Class A^(b)(c)		9,456		122,361
E.W. Scripps Co. (The), Class A^(b)(c)		18,271		73,632
EchoStar Corp., Class A^(b)(c)		37,379		490,039
John Wiley & Sons, Inc., Class A^(b)		13,186		439,753
Scholastic Corp.^(b)		8,474		334,214


	Shares		Value
Media-(continued)
TechTarget, Inc.^(b)(c)		8,016	$	254,187
Thryv Holdings, Inc.^(b)(c)		9,603		201,087

				1,915,273

Multi-Utilities-5.82%
Avista Corp.		20,152		669,047
Unitil Corp.		4,997		254,647

				923,694

Water Utilities-15.09%
American States Water Co.		11,312		807,790
California Water Service Group		17,652		810,050
Middlesex Water Co.		5,526		281,218
SJW Group		9,018		496,531

				2,395,589

Wireless Telecommunication Services-3.93%
Gogo, Inc.^(b)(c)		19,191		156,598
Telephone & Data Systems, Inc.		30,592		468,058

				624,656

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $17,445,032)				15,855,234


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.00%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		1,422,810		1,422,810
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		3,656,829		3,658,657

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,081,895)				5,081,467

TOTAL INVESTMENTS IN SECURITIES-131.86% (Cost $22,526,927)				20,936,701

OTHER ASSETS LESS LIABILITIES-(31.86)%				(5,059,073	)

NET ASSETS-100.00%			$	15,877,628

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		27
		27

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	191,268		$	(191,268	)		$	-			$	-		$	-		$	186

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,207,866			8,195,473			(7,980,529	)			-				-			1,422,810			37,520	*

Invesco Private Prime Fund			4,528,601			13,198,424			(14,070,143	)			(423	)			2,198			3,658,657			101,121	*


Total		$	5,736,467		$	21,585,165		$	(22,241,940	)		$	(423	)		$	2,198		$	5,081,467		$	138,827

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Interactive Media & Services			20.43

Water Utilities			15.09

Diversified Telecommunication Services			13.10

Media			12.06

Entertainment			10.38

Electric Utilities			7.28

Gas Utilities			6.96

Multi-Utilities			5.82

Independent Power and Renewable Electricity Producers			4.81

Wireless Telecommunication Services			3.93

Money Market Funds Plus Other Assets Less Liabilities			0.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28
		28

(This Page Intentionally Left Blank)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		29
		29

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)			Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)			Invesco S&P SmallCap Consumer Staples ETF (PSCC)			Invesco S&P SmallCap Energy ETF (PSCE)

Assets:
Unaffiliated investments in securities, at value^(a)	$	898,697,979		$	36,285,717		$	91,634,872		$	224,787,137
Affiliated investments in securities, at value^(a)		212,696,136			11,411,163			21,413,311			64,643,418
Cash		-						-			26,354
Receivable for:
Dividends		340,904			19,441			74,623			164,940
Securities lending		62,062			1,237			2,852			5,779
Investments sold		-			-			745,862			-
Fund shares sold		22,450,552			-			-			-

Total assets		1,134,247,633			47,717,558			113,871,520			289,627,628


Liabilities:
Due to custodian		-						-			-
Payable for:
Investments purchased		22,443,322			-			-			-
Collateral upon return of securities loaned		212,625,511			11,402,522			21,355,018			64,480,018
Fund shares repurchased		-			-			746,674			-
Accrued unitary management fees		386,432			8,122			21,347			50,222

Total liabilities		235,455,265			11,410,644			22,123,039			64,530,240

Net Assets	$	898,792,368		$	36,306,914		$	91,748,481		$	225,097,388


Net assets consist of:
Shares of beneficial interest	$	1,191,451,736		$	51,267,597		$	100,687,962		$	288,980,958
Distributable earnings (loss)		(292,659,368	)		(14,960,683	)		(8,939,481	)		(63,883,570	)

Net Assets	$	898,792,368		$	36,306,914		$	91,748,481		$	225,097,388

Shares outstanding (unlimited amount authorized, $0.01 par value)		9,970,000			340,000			2,440,000			4,343,970
Net asset value	$	90.15		$	106.79		$	37.60		$	51.82

Market price	$	90.11		$	106.68		$	37.58		$	51.79

Unaffiliated investments in securities, at cost	$	712,252,702		$	34,372,558		$	98,921,529		$	224,842,537

Affiliated investments in securities, at cost	$	212,720,844		$	11,410,855		$	21,415,205		$	64,649,396

^(a)Includes securities on loan with an aggregate value of:	$	205,204,483		$	11,297,684		$	21,230,489		$	63,248,845

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		30
		30


Invesco S&P SmallCap Financials ETF (PSCF)			Invesco S&P SmallCap Health Care ETF (PSCH)			Invesco S&P SmallCap Industrials ETF (PSCI)		Invesco S&P SmallCap Information Technology ETF (PSCT)		Invesco S&P SmallCap Materials ETF (PSCM)			Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)


$	19,633,547		$	217,964,363		$	181,109,588	$	326,261,302	$	14,956,456		$	15,855,234
	6,397,390			75,137,302			23,007,650		80,500,502		2,209,758			5,081,467
	-			-			55		4,436		-			-

	40,217			218,353			132,172		59,333		18,389			44,719
	2,075			7,008			2,532		6,634		248			488
	-			5,591,171			-		-		-			-
	-			-			-		-		-			-

	26,073,229			298,918,197			204,251,997		406,832,207		17,184,851			20,981,908



	11,850			-			-		-		-			11,109

	6,130			-			-		-		-			7,507
	6,397,250			75,119,001			22,956,654		80,508,433		2,208,571			5,081,895
	-			5,593,826			-		-		-			-
	4,494			51,471			38,850		75,355		3,345			3,769

	6,419,724			80,764,298			22,995,504		80,583,788		2,211,916			5,104,280

$	19,653,505		$	218,153,899		$	181,256,493	$	326,248,419	$	14,972,935		$	15,877,628



$	32,103,137		$	408,092,932		$	155,018,467	$	308,124,664	$	18,545,159		$	29,115,295
	(12,449,632	)		(189,939,033	)		26,238,026		18,123,755		(3,572,224	)		(13,237,667	)

$	19,653,505		$	218,153,899		$	181,256,493	$	326,248,419	$	14,972,935		$	15,877,628

	420,000			5,140,000			1,500,000		7,000,000		200,000			310,000
$	46.79		$	42.44		$	120.84	$	46.61	$	74.86		$	51.22

$	46.77		$	42.43		$	120.83	$	46.57	$	74.84		$	51.17

$	21,819,118		$	226,231,904		$	151,401,961	$	276,509,432	$	13,322,387		$	17,445,032

$	6,397,250		$	75,138,951		$	23,009,591	$	80,508,443	$	2,209,918		$	5,081,895

$	6,299,113		$	71,094,601		$	22,759,820	$	77,996,644	$	2,218,405		$	4,963,196

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		31
		31

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)				Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)				Invesco S&P SmallCap Consumer Staples ETF (PSCC)				Invesco S&P SmallCap Energy ETF (PSCE)

Investment income:
Unaffiliated dividend income		$	2,459,705			$	223,008			$	620,895			$	2,743,237
Affiliated dividend income			12,558				398				602				2,308
Securities lending income, net			573,129				7,679				14,542				44,994
Foreign withholding tax			(9,614	)			-				-				-

Total investment income			3,035,778				231,085				636,039				2,790,539


Expenses:
Unitary management fees			2,127,486				45,009				125,433				337,420

Less: Waivers			(242	)			(8	)			(13	)			(47	)

Net expenses			2,127,244				45,001				125,420				337,373

Net investment income			908,534				186,084				510,619				2,453,166


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			6,168,006				(1,223,333	)			382,075				(1,748,723	)
Affiliated investment securities			74,758				3,210				7,334				20,028
Unaffiliated in-kind redemptions			5,280,452				485,644				10,423,535				6,961,614
Affiliated in-kind redemptions			-								-				-

Net realized gain (loss)			11,523,216				(734,479	)			10,812,944				5,232,919

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			86,311,317				6,048,303				(10,725,404	)			(25,260,062	)
Affiliated investment securities			(25,968	)			79				(1,894	)			(6,538	)

Change in net unrealized appreciation (depreciation)			86,285,349				6,048,382				(10,727,298	)			(25,266,600	)

Net realized and unrealized gain (loss)			97,808,565				5,313,903				85,646				(20,033,681	)

Net increase (decrease) in net assets resulting from operations		$	98,717,099			$	5,499,987			$	596,265			$	(17,580,515	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		32
		32


Invesco S&P SmallCap Financials ETF (PSCF)				Invesco S&P SmallCap Health Care ETF (PSCH)				Invesco S&P SmallCap Industrials ETF (PSCI)				Invesco S&P SmallCap Information Technology ETF (PSCT)				Invesco S&P SmallCap Materials ETF (PSCM)				Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)



	$	419,813			$	601,413			$	818,250			$	427,717			$	88,592			$	171,979
		1,577				2,647				1,909				2,832				110				186
		11,476				50,192				13,094				49,546				2,499				3,668
		(519	)			-				-				-				-				-

		432,347				654,252				833,253				480,095				91,201				175,833



		28,513				316,606				212,090				450,651				23,080				24,637

		(5	)			(50	)			(28	)			(59	)			(2	)			(4	)

		28,508				316,556				212,062				450,592				23,078				24,633

		403,839				337,696				621,191				29,503				68,123				151,200





		(971,206	)			(29,838,348	)			(2,142,767	)			(8,951,035	)			(1,683,415	)			(441,248	)
		(235,659	)			29,005				5,401				21,335				755				2,198
		(14,559	)			1,898,947				3,928,261				16,998,423				620,152				(84,126	)
		(7,787	)			-				-				-				-				-

		(1,229,211	)			(27,910,396	)			1,790,895				8,068,723				(1,062,508	)			(523,176	)


		1,915,273				30,618,397				22,235,792				(17,747,555	)			2,211,012				(32,791	)
		238,021				(2,725	)			(1,941	)			(7,278	)			(80	)			(423	)

		2,153,294				30,615,672				22,233,851				(17,754,833	)			2,210,932				(33,214	)

		924,083				2,705,276				24,024,746				(9,686,110	)			1,148,424				(556,390	)

	$	1,327,922			$	3,042,972			$	24,645,937			$	(9,656,607	)		$	1,216,547			$	(405,190	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		33
		33

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)								Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

Operations:
Net investment income		$	908,534			$	3,759,013			$	186,084			$	351,540
Net realized gain (loss)			11,523,216				(30,888,701	)			(734,479	)			(4,360,581	)
Change in net unrealized appreciation (depreciation)			86,285,349				73,783,144				6,048,382				7,454,145

Net increase (decrease) in net assets resulting from operations			98,717,099				46,653,456				5,499,987				3,445,104


Distributions to Shareholders from:
Distributable earnings			(8,574,131	)			(4,016,319	)			(194,858	)			(355,217	)


Shareholder Transactions:
Proceeds from shares sold			134,877,111				361,148,219				6,314,749				6,353,723
Value of shares repurchased			(42,810,566	)			(77,282,607	)			(2,033,753	)			(7,793,396	)

Net increase (decrease) in net assets resulting from share transactions			92,066,545				283,865,612				4,280,996				(1,439,673	)

Net increase (decrease) in net assets			182,209,513				326,502,749				9,586,125				1,650,214


Net assets:
Beginning of period			716,582,855				390,080,106				26,720,789				25,070,575

End of period		$	898,792,368			$	716,582,855			$	36,306,914			$	26,720,789


Changes in Shares Outstanding:
Shares sold			1,620,000				4,840,000				70,000				70,000
Shares repurchased			(580,000	)			(1,030,000	)			(20,000	)			(90,000	)
Shares outstanding, beginning of period			8,930,000				5,120,000				290,000				310,000

Shares outstanding, end of period			9,970,000				8,930,000				340,000				290,000

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

^(b)	Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 17, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		34
		34


Invesco S&P SmallCap Consumer Staples ETF (PSCC)								Invesco S&P SmallCap Energy ETF (PSCE)								Invesco S&P SmallCap Financials ETF (PSCF)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023


	$	510,619			$	1,177,425			$	2,453,166			$	4,308,566			$	403,839			$	896,077
		10,812,944				953,383				5,232,919				1,142,197				(1,229,211	)			(3,875,367	)
		(10,727,298	)			4,874,879				(25,266,600	)			27,330,988				2,153,294				151,603

		596,265				7,005,687				(17,580,515	)			32,781,751				1,327,922				(2,827,687	)



		(626,488	)			(1,068,839	)			(2,931,019	)			(3,855,664	)			(392,085	)			(863,592	)



		32,099,772				37,458,040				43,068,094				135,620,537				976,324				-
		(29,003,904	)			(16,159,554	)			(44,117,898	)			(56,080,636	)			(4,452,051	)			(11,890,566	)

		3,095,868				21,298,486				(1,049,804	)			79,539,901				(3,475,727	)			(11,890,566	)

		3,065,645				27,235,334				(21,561,338	)			108,465,988				(2,539,890	)			(15,581,845	)



		88,682,836				61,447,502				246,658,726				138,192,738				22,193,395				37,775,240

	$	91,748,481			$	88,682,836			$	225,097,388			$	246,658,726			$	19,653,505			$	22,193,395



		840,000				1,040,000	^(a)			800,000				2,738,000	^(b)			20,000				-
		(780,000	)			(460,000	)^(a)			(850,000	)			(1,136,030	)^(b)			(100,000	)			(250,000	)
		2,380,000				1,800,000	^(a)			4,393,970				2,792,000	^(b)			500,000				750,000

		2,440,000				2,380,000	^(a)			4,343,970				4,393,970	^(b)			420,000				500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		35
		35

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco S&P SmallCap Health Care ETF (PSCH)								Invesco S&P SmallCap Industrials ETF (PSCI)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

Operations:
Net investment income (loss)		$	337,696			$	(202,474	)		$	621,191			$	771,516
Net realized gain (loss)			(27,910,396	)			(29,418,638	)			1,790,895				(364,005	)
Change in net unrealized appreciation (depreciation)			30,615,672				(7,837,878	)			22,233,851				17,820,923

Net increase (decrease) in net assets resulting from operations			3,042,972				(37,458,990	)			24,645,937				18,228,434


Distributions to Shareholders from:
Distributable earnings			(24,326	)			-				(641,541	)			(759,212	)


Shareholder Transactions:
Proceeds from shares sold			3,779,877				30,844,398				35,487,925				62,505,718
Value of shares repurchased			(44,881,307	)			(73,649,551	)			(12,158,624	)			(14,659,615	)

Net increase (decrease) in net assets resulting from share transactions			(41,101,430	)			(42,805,153	)			23,329,301				47,846,103

Net increase (decrease) in net assets			(38,082,784	)			(80,264,143	)			47,333,697				65,315,325


Net assets:
Beginning of period			256,236,683				336,500,826				133,922,796				68,607,471

End of period		$	218,153,899			$	256,236,683			$	181,256,493			$	133,922,796


Changes in Shares Outstanding:
Shares sold			90,000				690,000	^(a)			320,000				660,000
Shares repurchased			(1,140,000	)			(1,670,000	)^(a)			(110,000	)			(160,000	)
Shares outstanding, beginning of period			6,190,000				7,170,000	^(a)			1,290,000				790,000

Shares outstanding, end of period			5,140,000				6,190,000	^(a)			1,500,000				1,290,000

^(a) Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		36
		36


Invesco S&P SmallCap Information Technology ETF (PSCT)								Invesco S&P SmallCap Materials ETF (PSCM)								Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023


	$	29,503			$	55,657			$	68,123			$	166,747			$	151,200			$	321,832
		8,068,723				348,047				(1,062,508	)			765,275				(523,176	)			(1,078,723	)
		(17,754,833	)			43,971,065				2,210,932				522,172				(33,214	)			(862,156	)

		(9,656,607)				44,374,769				1,216,547				1,454,194				(405,190	)			(1,619,047	)


		(76,521	)			-				(73,060	)			(192,225	)			(221,876	)			(278,048	)



		27,856,341				21,780,815				-				9,323,883				-				2,297,924
		(30,170,933	)			(111,063,711	)			(4,669,650	)			(11,013,303	)			(2,500,718	)			(4,048,302	)

		(2,314,592	)			(89,282,896	)			(4,669,650	)			(1,689,420	)			(2,500,718	)			(1,750,378	)

		(12,047,720	)			(44,908,127	)			(3,526,163	)			(427,451	)			(3,127,784	)			(3,647,473	)



		338,296,139				383,204,266				18,499,098				18,926,549				19,005,412				22,652,885

	$	326,248,419			$	338,296,139			$	14,972,935			$	18,499,098			$	15,877,628			$	19,005,412



		600,000				560,000	^(a)			-				140,000				-				40,000
		(650,000	)			(2,900,000	)^(a)			(70,000	)			(170,000	)			(50,000	)			(70,000	)
		7,050,000				9,390,000	^(a)			270,000				300,000				360,000				390,000

		7,000,000				7,050,000	^(a)			200,000				270,000				310,000				360,000


		37
		37

Financial Highlights

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	80.24		$	76.19		$	87.15		$	59.33		$	53.34		$	59.34

Net investment income (loss)^(a)			0.10			0.57			0.53			0.03			0.20			(0.01	)
Net realized and unrealized gain (loss) on investments			10.77			4.11			(11.20	)		27.88			5.97			(5.99	)

Total from investment operations			10.87			4.68			(10.67	)		27.91			6.17			(6.00	)

Distributions to shareholders from:
Net investment income			(0.96	)		(0.63	)		(0.29	)		(0.09	)		(0.18	)		-

Net asset value at end of period		$	90.15		$	80.24		$	76.19		$	87.15		$	59.33		$	53.34

Market price at end of period^(b)		$	90.11		$	80.24		$	76.21		$	87.07		$	59.39		$	53.34

Net Asset Value Total Return^(c)			13.68	%		6.21	%		(12.25	)%		47.07	%		11.65	%		(10.11	)%
Market Price Total Return^(c)			13.63	%		6.19	%		(12.15	)%		46.79	%		11.77	%		(10.14	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	898,792		$	716,583		$	390,080		$	455,814		$	234,373		$	264,010
Ratio to average net assets of:
Expenses			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income (loss)			0.26	%^(d)		0.75	%		0.63	%		0.03	%		0.39	%		(0.03	)%
Portfolio turnover rate^(e)			87	%		181	%		175	%		198	%		185	%		159	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		38
		38

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	92.14		$	80.87		$	113.63		$	64.90		$	57.37		$	71.32

Net investment income^(a)			0.55			1.19			1.04			0.47			0.61			0.57
Net realized and unrealized gain (loss) on investments			14.71			11.25	^(b)		(32.74	)		48.59			7.57			(13.81	)

Total from investment operations			15.26			12.44			(31.70	)		49.06			8.18			(13.24	)

Distributions to shareholders from:
Net investment income			(0.61	)		(1.17	)		(1.06	)		(0.33	)		(0.65	)		(0.71	)

Net asset value at end of period		$	106.79		$	92.14		$	80.87		$	113.63		$	64.90		$	57.37

Market price at end of period^(c)		$	106.68		$	92.11		$	80.85		$	113.46		$	64.92		$	57.36

Net Asset Value Total Return^(d)			16.65	%		15.57	%^(b)		(28.01	)%		75.74	%		14.68	%		(18.57	)%
Market Price Total Return^(d)			16.57	%		15.56	%^(b)		(27.91	)%		75.42	%		14.74	%		(18.58	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)			$36,307		$	26,721		$	25,071		$	65,907		$	19,470		$	22,949
Ratio to average net assets of:
Expenses			0.29	%^(e)		0.29	%		0.30	%		0.29	%		0.29	%		0.30	%^(f)
Net investment income			1.20	%^(e)		1.38	%		1.04	%		0.44	%		1.08	%		0.93	%^(f)
Portfolio turnover rate^(g)			9	%		19	%		24	%		33	%		27	%		27	%

^(a)	Based on average shares outstanding.

^(b)	Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $10.76. Total returns would have been lower.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		39
		39

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	37.26		$	34.14		$	34.05		$	26.12		$	23.96		$	28.47

Net investment income^(b)			0.21			0.62			0.42			0.52			0.40			0.36
Net realized and unrealized gain (loss) on investments			0.39			3.08			0.07	^(c)		7.95			2.20			(4.49	)

Total from investment operations			0.60			3.70			0.49			8.47			2.60			(4.13	)

Distributions to shareholders from:
Net investment income			(0.26	)		(0.58	)		(0.40	)		(0.54	)		(0.44	)		(0.38	)

Net asset value at end of period		$	37.60		$	37.26		$	34.14		$	34.05		$	26.12		$	23.96

Market price at end of period^(d)		$	37.58		$	37.24		$	34.14		$	34.01		$	26.19		$	23.89

Net Asset Value Total Return^(e)			1.62	%		10.98	%		1.48	%		32.77	%		10.97	%		(14.52	)%
Market Price Total Return^(e)			1.62	%		10.89	%		1.62	%		32.27	%		11.60	%		(14.71	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	91,748		$	88,683		$	61,448		$	46,982		$	39,182		$	46,722
Ratio to average net assets of:
Expenses			0.29	%^(f)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%^(g)
Net investment income			1.18	%^(f)		1.75	%		1.21	%		1.64	%		1.66	%		1.41	%^(g)
Portfolio turnover rate^(h)			18	%		10	%		20	%		30	%		40	%		59	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

^(b)	Based on average shares outstanding.

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(h)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		40
		40

Financial Highlights–(continued)

Invesco S&P SmallCap Energy ETF (PSCE)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	56.14		$	49.50		$	32.55		$	17.50		$	34.85		$	81.70

Net investment income (loss)^(b)			0.56			1.31			0.45			0.15			0.25			(0.10	)
Net realized and unrealized gain (loss) on investments			(4.20	)		6.62			16.85			15.00			(17.45	)		(46.65	)

Total from investment operations			(3.64	)		7.93			17.30			15.15			(17.20	)		(46.75	)

Distributions to shareholders from:
Net investment income			(0.68	)		(1.29	)		(0.35	)		(0.10	)		(0.15	)		(0.10	)

Net asset value at end of period		$	51.82		$	56.14		$	49.50		$	32.55		$	17.50		$	34.85

Market price at end of period^(c)		$	51.79		$	56.11		$	49.50		$	32.60		$	17.60		$	34.90

Net Asset Value Total Return^(d)			(6.55	)%		16.63	%		53.42	%		87.13	%		(49.31	)%		(57.29	)%
Market Price Total Return^(d)			(6.56	)%		16.57	%		53.18	%		86.35	%		(49.09	)%		(57.20	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	225,097		$	246,659		$	138,193		$	105,589		$	14,713		$	19,523
Ratio to average net assets of:
Expenses			0.29	%^(e)		0.29	%		0.29	%		0.29	%		0.29	%		0.31	%^(f)
Net investment income (loss)			2.11	%^(e)		2.67	%		1.04	%		0.43	%		1.01	%		(0.20	)%^(f)
Portfolio turnover rate^(g)			32	%		48	%		58	%		26	%		74	%		48	%

^(a)	Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 17, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		41
		41

Financial Highlights–(continued)

Invesco S&P SmallCap Financials ETF (PSCF)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	44.39		$	50.37		$	58.47		$	40.46		$	52.62		$	60.04

Net investment income^(a)			0.91			1.51			1.32			1.06			1.45			1.48
Net realized and unrealized gain (loss) on investments			2.33			(6.10	)		(8.16	)		18.07			(10.89	)		(6.48	)

Total from investment operations			3.24			(4.59	)		(6.84	)		19.13			(9.44	)		(5.00	)

Distributions to shareholders from:
Net investment income			(0.84	)		(1.39	)		(1.26	)		(1.12	)		(2.23	)		(1.85	)
Net realized gains			-			-			-			-			(0.49	)		(0.57	)

Total distributions			(0.84	)		(1.39	)		(1.26	)		(1.12	)		(2.72	)		(2.42	)

Net asset value at end of period		$	46.79		$	44.39		$	50.37		$	58.47		$	40.46		$	52.62

Market price at end of period^(b)		$	46.77		$	44.36		$	50.38		$	58.39		$	40.54		$	52.54

Net Asset Value Total Return^(c)			7.39	%		(9.13	)%		(11.81	)%		47.97	%		(18.02	)%		(8.05	)%
Market Price Total Return^(c)			7.42	%		(9.21	)%		(11.67	)%		47.48	%		(17.72	)%		(8.27	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	19,654		$	22,193		$	37,775		$	50,288		$	26,297		$	123,655
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%^(e)
Net investment income			4.11	%^(d)		3.24	%		2.33	%		2.01	%		2.83	%		2.73	%^(e)
Portfolio turnover rate^(f)			13	%		31	%		19	%		19	%		31	%		16	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		42
		42

Financial Highlights–(continued)

Invesco S&P SmallCap Health Care ETF (PSCH)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	41.40		$	46.93		$	63.77		$	44.25		$	38.28		$	48.25

Net investment income (loss)^(b)			0.06			(0.03	)		(0.08	)		(0.09	)		(0.07	)		(0.05	)
Net realized and unrealized gain (loss) on investments			0.98			(5.50	)		(16.76	)		19.61			6.04			(9.92	)

Total from investment operations			1.04			(5.53	)		(16.84	)		19.52			5.97			(9.97	)

Distributions to shareholders from:
Net investment income			(0.00	)^(c)		-			-			-			-			(0.00	)^(c)

Net asset value at end of period		$	42.44		$	41.40		$	46.93		$	63.77		$	44.25		$	38.28

Market price at end of period^(d)		$	42.43		$	41.35		$	46.94		$	63.64		$	44.28		$	38.27

Net Asset Value Total Return^(e)			2.53	%		(11.79	)%		(26.40	)%		44.13	%		15.58	%		(20.66	)%
Market Price Total Return^(e)			2.62	%		(11.91	)%		(26.24	)%		43.72	%		15.69	%		(20.82	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	218,154		$	256,237		$	336,501		$	526,104		$	384,957		$	465,142
Ratio to average net assets of:
Expenses			0.29	%^(f)		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income (loss)			0.31	%^(f)		(0.07	)%		(0.15	)%		(0.16	)%		(0.18	)%		(0.13	)%
Portfolio turnover rate^(g)			20	%		29	%		31	%		30	%		19	%		36	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $(0.005).

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		43
		43

Financial Highlights–(continued)

Invesco S&P SmallCap Industrials ETF (PSCI)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	103.82		$	86.84		$	94.57		$	65.95		$	64.17		$	75.22

Net investment income^(a)			0.45			0.85			0.69			0.64			0.47			0.37
Net realized and unrealized gain (loss) on investments			17.04			16.98			(7.78	)		28.53			1.81			(11.03	)

Total from investment operations			17.49			17.83			(7.09	)		29.17			2.28			(10.66	)

Distributions to shareholders from:
Net investment income			(0.47	)		(0.85	)		(0.64	)		(0.55	)		(0.50	)		(0.39	)

Net asset value at end of period		$	120.84		$	103.82		$	86.84		$	94.57		$	65.95		$	64.17

Market price at end of period^(b)		$	120.83		$	103.81		$	86.84		$	94.49		$	66.05		$	64.21

Net Asset Value Total Return^(c)			16.90	%		20.67	%		(7.52	)%		44.37	%		3.68	%		(14.16	)%
Market Price Total Return^(c)			16.90	%		20.66	%		(7.43	)%		44.03	%		3.76	%		(14.14	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	181,256		$	133,923		$	68,607		$	124,836		$	46,168		$	54,547
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%^(e)
Net investment income			0.85	%^(d)		0.89	%		0.75	%		0.74	%		0.74	%		0.58	%^(e)
Portfolio turnover rate^(f)			13	%		21	%		15	%		9	%		10	%		9	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		44
		44

Financial Highlights–(continued)

Invesco S&P SmallCap Information Technology ETF (PSCT)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	47.99		$	40.81		$	49.09		$	30.19		$	27.71		$	29.93

Net investment income (loss)^(b)			0.00	^(c)		0.01			(0.00	)^(d)		0.01			0.04			0.08
Net realized and unrealized gain (loss) on investments			(1.37	)		7.17			(8.28	)		18.91			2.48			(2.20	)

Total from investment operations			(1.37	)		7.18			(8.28	)		18.92			2.52			(2.12	)

Distributions to shareholders from:
Net investment income			(0.01	)		-			-			(0.02	)		(0.04	)		(0.10	)

Net asset value at end of period		$	46.61		$	47.99		$	40.81		$	49.09		$	30.19		$	27.71

Market price at end of period^(e)		$	46.57		$	48.01		$	40.85		$	49.09		$	30.22		$	27.68

Net Asset Value Total Return^(f)			(2.85	)%		17.59	%		(16.87	)%		62.70	%		9.12	%		(7.08	)%
Market Price Total Return^(f)			(2.97	)%		17.53	%		(16.79	)%		62.54	%		9.35	%		(7.08	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	326,248		$	338,296		$	383,204		$	477,157		$	244,541		$	303,408
Ratio to average net assets of:
Expenses			0.29	%^(g)		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income (loss)			0.02	%^(g)		0.02	%		(0.00	)%		0.03	%		0.13	%		0.32	%
Portfolio turnover rate^(h)			21	%		20	%		18	%		16	%		19	%		11	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	Amount represents less than $(0.005) per share.

^(e)	The mean between the last bid and ask prices.

^(f)

^(g)	Annualized.

^(h)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		45
		45

Financial Highlights–(continued)

Invesco S&P SmallCap Materials ETF (PSCM)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	68.52		$	63.09		$	65.98		$	42.14		$	40.93		$	55.57

Net investment income^(a)			0.29			0.57			0.51			0.61			0.66			0.44
Net realized and unrealized gain (loss) on investments			6.35			5.49			(2.94	)		23.97			1.27			(14.56	)

Total from investment operations			6.64			6.06			(2.43	)		24.58			1.93			(14.12	)

Distributions to shareholders from:
Net investment income			(0.30	)		(0.63	)		(0.46	)		(0.74	)		(0.72	)		(0.52	)

Net asset value at end of period		$	74.86		$	68.52		$	63.09		$	65.98		$	42.14		$	40.93

Market price at end of period^(b)		$	74.84		$	68.51		$	63.05		$	65.88		$	41.99		$	40.91

Net Asset Value Total Return^(c)			9.72	%		9.69	%		(3.69	)%		58.70	%		4.91	%		(25.50	)%
Market Price Total Return^(c)			9.71	%		9.74	%		(3.60	)%		59.03	%		4.59	%		(25.54	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	14,973		$	18,499		$	18,927		$	27,711		$	8,429		$	14,327
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.32	%^(e)
Net investment income			0.86	%^(d)		0.86	%		0.78	%		1.00	%		1.58	%		0.93	%^(e)
Portfolio turnover rate^(f)			32	%		18	%		21	%		25	%		25	%		24	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		46
		46

Financial Highlights–(continued)

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	52.79		$	58.08		$	67.58		$	48.85		$	53.08		$	55.80

Net investment income^(a)			0.45			0.87			0.88			1.75	^(b)		0.91			1.22
Net realized and unrealized gain (loss) on investments			(1.37	)		(5.42	)		(8.44	)		17.63			(4.03	)		(2.70	)

Total from investment operations			(0.92	)		(4.55	)		(7.56	)		19.38			(3.12	)		(1.48	)

Distributions to shareholders from:
Net investment income			(0.65	)		(0.74	)		(1.94	)		(0.65	)		(1.11	)		(1.24	)

Net asset value at end of period		$	51.22		$	52.79		$	58.08		$	67.58		$	48.85		$	53.08

Market price at end of period^(c)		$	51.17		$	52.78		$	58.08		$	67.44		$	48.91		$	53.01

Net Asset Value Total Return^(d)			(1.75	)%		(7.87	)%		(11.42	)%		40.03	%		(5.94	)%		(2.58	)%
Market Price Total Return^(d)			(1.83	)%		(7.88	)%		(11.23	)%		39.57	%		(5.70	)%		(2.74	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	15,878		$	19,005		$	22,653		$	27,034		$	21,985		$	50,421
Ratio to average net assets of:
Expenses			0.29	%^(e)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%^(f)
Net investment income			1.78	%^(e)		1.57	%		1.38	%		2.98	%^(b)		1.78	%		2.27	%^(f)
Portfolio turnover rate^(g)			15	%		53	%		40	%		70	%		64	%		66	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.69 and 1.17%, respectively.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


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		47

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)		“Dorsey Wright SmallCap Momentum ETF”

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)		“S&P SmallCap Consumer Discretionary ETF”

Invesco S&P SmallCap Consumer Staples ETF (PSCC)		“S&P SmallCap Consumer Staples ETF”

Invesco S&P SmallCap Energy ETF (PSCE)		“S&P SmallCap Energy ETF”

Invesco S&P SmallCap Financials ETF (PSCF)		“S&P SmallCap Financials ETF”

Invesco S&P SmallCap Health Care ETF (PSCH)		“S&P SmallCap Health Care ETF”

Invesco S&P SmallCap Industrials ETF (PSCI)		“S&P SmallCap Industrials ETF”

Invesco S&P SmallCap Information Technology ETF (PSCT)		“S&P SmallCap Information Technology ETF”

Invesco S&P SmallCap Materials ETF (PSCM)		“S&P SmallCap Materials ETF”

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)		“S&P SmallCap Utilities & Communication Services ETF”

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

Dorsey Wright SmallCap Momentum ETF		Dorsey Wright^®SmallCap Technical Leaders Index

S&P SmallCap Consumer Discretionary ETF		S&P SmallCap 600^®Capped Consumer Discretionary Index

S&P SmallCap Consumer Staples ETF		S&P SmallCap 600^®Capped Consumer Staples Index

S&P SmallCap Energy ETF		S&P SmallCap 600^®Capped Energy Index

S&P SmallCap Financials ETF		S&P SmallCap 600^®Capped Financials & Real Estate Index

S&P SmallCap Health Care ETF		S&P SmallCap 600^®Capped Health Care Index

S&P SmallCap Industrials ETF		S&P SmallCap 600^®Capped Industrials Index

S&P SmallCap Information Technology ETF		S&P SmallCap 600^®Capped Information Technology Index

S&P SmallCap Materials ETF		S&P SmallCap 600^®Capped Materials Index

S&P SmallCap Utilities & Communication Services ETF		S&P SmallCap 600^®Capped Utilities & Communication Services Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:


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		48

settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


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		49

liquidity. 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.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.


		50
		50

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


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		51

act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


		Amount

Dorsey Wright SmallCap Momentum ETF		$42,908

S&P SmallCap Consumer Discretionary ETF		636

S&P SmallCap Consumer Staples ETF		1,166

S&P SmallCap Energy ETF		3,972

S&P SmallCap Financials ETF		1,056

S&P SmallCap Health Care ETF		4,026

S&P SmallCap Industrials ETF		1,198

S&P SmallCap Information Technology ETF		3,807

S&P SmallCap Materials ETF		255

S&P SmallCap Utilities & Communication Services ETF		385

J.	Other Risks


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		52

obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Non-Diversified Fund Risk. Because S&P SmallCap Consumer Staples ETF, S&P SmallCap Energy ETF, S&P SmallCap Materials ETF and S&P SmallCap Utilities & Communication Services ETF are non-diversified, and to the extent Dorsey Wright SmallCap Momentum ETF becomes non-diversified, and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Dorsey Wright SmallCap Momentum ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small-Capitalization Company Risk. Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees (as a % of average daily net assets)

Dorsey Wright SmallCap Momentum ETF		0.60%

S&P SmallCap Consumer Discretionary ETF		0.29%

S&P SmallCap Consumer Staples ETF		0.29%

S&P SmallCap Energy ETF		0.29%

S&P SmallCap Financials ETF		0.29%

S&P SmallCap Health Care ETF		0.29%

S&P SmallCap Industrials ETF		0.29%

S&P SmallCap Information Technology ETF		0.29%

S&P SmallCap Materials ETF		0.29%

S&P SmallCap Utilities & Communication Services ETF		0.29%


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attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



Dorsey Wright SmallCap Momentum ETF	$	242

S&P SmallCap Consumer Discretionary ETF		8

S&P SmallCap Consumer Staples ETF		13

S&P SmallCap Energy ETF		47

S&P SmallCap Financials ETF		5

S&P SmallCap Health Care ETF		50

S&P SmallCap Industrials ETF		28

S&P SmallCap Information Technology ETF		59

S&P SmallCap Materials ETF		2

S&P SmallCap Utilities & Communication Services ETF		4

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

Dorsey Wright SmallCap Momentum ETF		Dorsey, Wright & Associates, LLC

S&P SmallCap Consumer Discretionary ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Consumer Staples ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Energy ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Financials ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Health Care ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Industrials ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Information Technology ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Materials ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Utilities & Communication Services ETF		S&P Dow Jones Indices, LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.



Dorsey Wright SmallCap Momentum ETF	$	95,670

S&P SmallCap Consumer Discretionary ETF		1,186

S&P SmallCap Consumer Staples ETF		3,476

S&P SmallCap Energy ETF		27,486

S&P SmallCap Financials ETF		1,339

S&P SmallCap Health Care ETF		15,008

S&P SmallCap Industrials ETF		5,879

S&P SmallCap Information Technology ETF		20,707

S&P SmallCap Materials ETF		1,444

S&P SmallCap Utilities & Communication Services ETF		1,342


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NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended February 29, 2024, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*

S&P SmallCap Consumer Discretionary ETF		$ 768,660		$ -		$ -

S&P SmallCap Energy ETF		-		3,805,685		(45,964)

S&P SmallCap Financials ETF		104,758		-		-

S&P SmallCap Health Care ETF		12,539,716		-		-

S&P SmallCap Information Technology ETF		10,261,557		-		-

S&P SmallCap Materials ETF		-		289,807		(9,519)

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information

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 the Adviser’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.


	Level 1		Level 2		Level 3		Total

Dorsey Wright SmallCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	898,697,979	$	-		$ -	$	898,697,979

Money Market Funds		95,333		212,600,803		-		212,696,136


Total Investments	$	898,793,312	$	212,600,803		$ -	$	1,111,394,115


S&P SmallCap Consumer Discretionary ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	36,285,717	$	-		$ -	$	36,285,717

Money Market Funds		8,333		11,402,830		-		11,411,163


Total Investments	$	36,294,050	$	11,402,830		$ -	$	47,696,880


S&P SmallCap Consumer Staples ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	91,634,872	$	-		$ -	$	91,634,872

Money Market Funds		60,187		21,353,124		-		21,413,311


Total Investments	$	91,695,059	$	21,353,124		$ -	$	113,048,183


		55
		55


	Level 1		Level 2		Level 3		Total

S&P SmallCap Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	224,787,137	$	-		$-	$	224,787,137

Money Market Funds		169,378		64,474,040		-		64,643,418


Total Investments	$	224,956,515	$	64,474,040		$-	$	289,430,555


S&P SmallCap Financials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	19,633,547	$	-		$-	$	19,633,547

Money Market Funds		-		6,397,390		-		6,397,390


Total Investments	$	19,633,547	$	6,397,390		$-	$	26,030,937


S&P SmallCap Health Care ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	217,964,363	$	-		$0	$	217,964,363

Money Market Funds		19,950		75,117,352		-		75,137,302


Total Investments	$	217,984,313	$	75,117,352		$0	$	293,101,665


S&P SmallCap Industrials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	181,109,588	$	-		$-	$	181,109,588

Money Market Funds		52,937		22,954,713		-		23,007,650


Total Investments	$	181,162,525	$	22,954,713		$-	$	204,117,238


S&P SmallCap Information Technology ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	326,261,302	$	-		$-	$	326,261,302

Money Market Funds		10		80,500,492		-		80,500,502


Total Investments	$	326,261,312	$	80,500,492		$-	$	406,761,804


S&P SmallCap Materials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	14,956,456	$	-		$-	$	14,956,456

Money Market Funds		1,347		2,208,411		-		2,209,758


Total Investments	$	14,957,803	$	2,208,411		$-	$	17,166,214


S&P SmallCap Utilities & Communication Services ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	15,855,234	$	-		$-	$	15,855,234

Money Market Funds		-		5,081,467		-		5,081,467


Total Investments	$	15,855,234	$	5,081,467		$-	$	20,936,701

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term			Long-Term			Total*

Dorsey Wright SmallCap Momentum ETF		$	482,924,385		$	-		$	482,924,385

S&P SmallCap Consumer Discretionary ETF			2,098,332			13,736,862			15,835,194

S&P SmallCap Consumer Staples ETF			4,288,810			6,872,467			11,161,277

S&P SmallCap Energy ETF			8,842,146			54,804,616			63,646,762

S&P SmallCap Financials ETF			743,151			7,679,285			8,422,436


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		56


	No expiration
	Short-Term		Long-Term			Total*

S&P SmallCap Health Care ETF		$ 27,496,683		$	117,858,660		$	145,355,343

S&P SmallCap Industrials ETF		-			2,542,243			2,542,243

S&P SmallCap Information Technology ETF		4,222,096			25,940,848			30,162,944

S&P SmallCap Materials ETF		3,126			3,877,969			3,881,095

S&P SmallCap Utilities & Communication Services ETF		2,903,518			7,606,044			10,509,562

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions


	Purchases		Sales

Dorsey Wright SmallCap Momentum ETF	$	639,315,595	$	646,199,772

S&P SmallCap Consumer Discretionary ETF		2,980,604		2,975,939

S&P SmallCap Consumer Staples ETF		15,672,030		16,129,566

S&P SmallCap Energy ETF		76,530,198		76,448,199

S&P SmallCap Financials ETF		2,555,830		2,552,237

S&P SmallCap Health Care ETF		45,165,096		45,025,473

S&P SmallCap Industrials ETF		18,834,776		19,511,473

S&P SmallCap Information Technology ETF		64,756,965		65,319,005

S&P SmallCap Materials ETF		5,105,723		5,067,179

S&P SmallCap Utilities & Communication Services ETF		2,598,190		2,655,988

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Dorsey Wright SmallCap Momentum ETF	$	134,833,033	$	42,798,894

S&P SmallCap Consumer Discretionary ETF		6,312,316		2,031,954

S&P SmallCap Consumer Staples ETF		32,086,818		28,707,852

S&P SmallCap Energy ETF		43,054,949		44,095,042

S&P SmallCap Financials ETF		976,458		4,449,774

S&P SmallCap Health Care ETF		3,780,484		44,875,510

S&P SmallCap Industrials ETF		35,460,885		11,517,167

S&P SmallCap Information Technology ETF		27,858,242		29,586,926

S&P SmallCap Materials ETF		-		4,667,860

S&P SmallCap Utilities & Communication Services ETF		-		2,499,964

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

Dorsey Wright SmallCap Momentum ETF	$	203,622,214	$	(25,563,190	)	$	178,059,024		$	933,335,091

S&P SmallCap Consumer Discretionary ETF		6,361,079		(4,799,437	)		1,561,642			46,135,238

S&P SmallCap Consumer Staples ETF		6,047,604		(14,746,707	)		(8,699,103	)		121,747,286

S&P SmallCap Energy ETF		21,292,130		(27,207,747	)		(5,915,617	)		295,346,172

S&P SmallCap Financials ETF		2,159,982		(5,036,300	)		(2,876,318	)		28,907,255

S&P SmallCap Health Care ETF		43,260,805		(60,117,869	)		(16,857,064	)		309,958,729

S&P SmallCap Industrials ETF		37,983,673		(11,166,855	)		26,816,818			177,300,420

S&P SmallCap Information Technology ETF		80,516,209		(40,302,716	)		40,213,493			366,548,311


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		57


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

S&P SmallCap Materials ETF	$	2,824,087	$	(1,471,057	)	$	1,353,030		$	15,813,184

S&P SmallCap Utilities & Communication Services ETF		1,218,781		(3,467,711	)		(2,248,930	)		23,185,631

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


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		58

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)

Actual		$1,000.00		$1,136.80		0.60%		$3.19

Hypothetical (5% return before expenses)		1,000.00		1,021.88		0.60		3.02

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

Actual		1,000.00		1,166.50		0.29		1.56

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

Actual		1,000.00		1,016.20		0.29		1.45

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

Invesco S&P SmallCap Energy ETF (PSCE)

Actual		1,000.00		934.50		0.29		1.39

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

Invesco S&P SmallCap Financials ETF (PSCF)

Actual		1,000.00		1,073.90		0.29		1.50

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46


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		59

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P SmallCap Health Care ETF (PSCH)

Actual		$1,000.00		$1,025.30		0.29%		$1.46

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

Invesco S&P SmallCap Industrials ETF (PSCI)

Actual		1,000.00		1,169.00		0.29		1.56

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

Invesco S&P SmallCap Information Technology ETF (PSCT)

Actual		1,000.00		971.50		0.29		1.42

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

Invesco S&P SmallCap Materials ETF (PSCM)

Actual		1,000.00		1,097.20		0.29		1.51

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

Actual		1,000.00		982.50		0.29		1.43

Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29		1.46

⁽¹⁾

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


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(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SCS-SAR-1

invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

February 29, 2024

IBBQ Invesco Nasdaq Biotechnology ETF

QOWZ Invesco Nasdaq Free Cash Flow Achievers ETF

SOXQ Invesco PHLX Semiconductor ETF

TAN Invesco Solar ETF

Table of Contents


Schedules of Investments

Invesco Nasdaq Biotechnology ETF (IBBQ)			3

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)			7

Invesco PHLX Semiconductor ETF (SOXQ)			9

Invesco Solar ETF (TAN)			11

Statements of Assets and Liabilities			14

Statements of Operations			15

Statements of Changes in Net Assets			16

Financial Highlights			18

Notes to Financial Statements			22

Fund Expenses			33

Approval of Investment Advisory and Sub-Advisory Contracts			35


		2

Invesco Nasdaq Biotechnology ETF (IBBQ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Biotechnology-81.19%
4D Molecular Therapeutics, Inc.^(b)(c)		1,149	$	32,195
89bio, Inc.^(b)(c)		2,461		28,228
AC Immune S.A. (Switzerland)^(b)(c)		2,230		8,073
Acadia Pharmaceuticals, Inc.^(b)		4,399		102,233
ACELYRIN, Inc.^(b)(c)		2,592		21,902
ADMA Biologics, Inc.^(b)		6,015		32,240
Agios Pharmaceuticals, Inc.^(b)(c)		1,499		48,448
Akero Therapeutics, Inc.^(b)(c)		1,496		40,377
Alector, Inc.^(b)(c)		2,543		17,725
Alkermes PLC^(b)(c)		4,479		132,981
Allogene Therapeutics, Inc.^(b)(c)		4,480		21,997
Alnylam Pharmaceuticals, Inc.^(b)(c)		3,376		510,080
Alpine Immune Sciences, Inc.^(b)		1,760		61,987
ALX Oncology Holdings, Inc.^(b)(c)		1,319		19,350
Amarin Corp. PLC, ADR (Ireland)^(b)(c)		10,262		10,980
Ambrx Biopharma, Inc.^(b)		1,673		46,744
Amgen, Inc.		7,164		1,961,718
Amicus Therapeutics, Inc.^(b)(c)		7,867		100,855
AnaptysBio, Inc.^(b)(c)		707		18,050
Anavex Life Sciences Corp.^(b)(c)		2,199		11,303
Apellis Pharmaceuticals, Inc.^(b)(c)		3,194		197,932
Apogee Therapeutics, Inc.^(b)(c)		1,283		44,674
Arbutus Biopharma Corp.^(b)		4,468		12,510
Arcellx, Inc.^(b)(c)		1,317		86,685
Arcturus Therapeutics Holdings, Inc.^(b)		710		27,520
Arcutis Biotherapeutics, Inc.^(b)(c)		2,503		25,731
Ardelyx, Inc.^(b)(c)		6,329		58,986
argenx SE, ADR (Netherlands)^(b)		860		326,809
Arrowhead Pharmaceuticals, Inc.^(b)		3,300		105,930
ARS Pharmaceuticals, Inc.^(b)(c)		2,565		21,469
Ascendis Pharma A/S, ADR (Denmark)^(b)		1,540		227,550
Aurinia Pharmaceuticals, Inc. (Canada)^(b)(c)		3,810		21,793
Autolus Therapeutics PLC, ADR (United Kingdom)^(b)(c)		3,750		22,500
Avidity Biosciences, Inc.^(b)(c)		1,981		36,252
Beam Therapeutics, Inc.^(b)(c)		2,193		86,602
BeiGene Ltd., ADR (China)^(b)(c)		1,138		188,510
Bicycle Therapeutics PLC, ADR (United Kingdom)^(b)(c)		926		23,233
BioCryst Pharmaceuticals, Inc.^(b)(c)		5,445		30,655
Biogen, Inc.^(b)		3,895		845,176
BioMarin Pharmaceutical, Inc.^(b)		5,063		436,836
Biomea Fusion, Inc.^(b)(c)		949		16,607
BioNTech SE, ADR (Germany)^(b)(c)		2,592		230,584
bluebird bio, Inc.^(b)(c)		5,002		6,953
Blueprint Medicines Corp.^(b)(c)		1,632		152,625
BridgeBio Pharma, Inc.^(b)(c)		4,684		159,959
Cabaletta Bio, Inc.^(b)(c)		1,150		26,312
Caribou Biosciences, Inc.^(b)(c)		2,355		18,628
Cartesian Therapeutics, Inc., Rts., expiring 12/02/2024^(b)(d)		2,633		474
Centessa Pharmaceuticals PLC, ADR^(b)(c)		1,456		15,303
Cogent Biosciences, Inc.^(b)(c)		2,279		15,953
Coherus BioSciences, Inc.^(b)(c)		2,910		6,635
Crinetics Pharmaceuticals, Inc.^(b)(c)		1,810		74,101
CRISPR Therapeutics AG (Switzerland)^(b)(c)		2,130		179,389
Cullinan Oncology, Inc.^(b)		1,149		21,222


	Shares		Value
Biotechnology-(continued)
CureVac N.V. (Germany)^(b)		5,943	$	20,325
Cytokinetics, Inc.^(b)(c)		2,639		190,641
Day One Biopharmaceuticals, Inc.^(b)(c)		2,328		38,947
Deciphera Pharmaceuticals, Inc.^(b)		2,130		35,550
Denali Therapeutics, Inc.^(b)(c)		3,760		74,373
Disc Medicine, Inc.^(b)		640		43,949
Dynavax Technologies Corp.^(b)(c)		3,436		43,534
Dyne Therapeutics, Inc.^(b)(c)		2,140		57,566
Editas Medicine, Inc.^(b)(c)		2,161		21,740
Erasca, Inc.^(b)(c)		4,019		9,565
Exelixis, Inc.^(b)(c)		8,368		183,259
Exscientia PLC, ADR (United Kingdom)^(b)(c)		1,200		7,980
Fusion Pharmaceuticals, Inc. (Canada)^(b)		1,917		22,927
Galapagos N.V., ADR (Belgium)^(b)(c)		507		17,801
Genmab A/S, ADR (Denmark)^(b)		1,102		30,603
Geron Corp.^(b)(c)		14,439		28,878
Gilead Sciences, Inc.		25,204		1,817,208
Grifols S.A., ADR (Spain)^(b)		3,261		24,490
Halozyme Therapeutics, Inc.^(b)(c)		3,543		141,047
Humacyte, Inc.^(b)(c)		2,746		11,945
Ideaya Biosciences, Inc.^(b)(c)		1,747		78,091
ImmunityBio, Inc.^(b)(c)		18,103		85,627
Immunocore Holdings PLC, ADR (United Kingdom)^(b)(c)		913		61,372
Immunovant, Inc.^(b)		3,902		138,014
Incyte Corp.^(b)		6,021		351,386
Inhibrx, Inc.^(b)		1,269		46,483
Insmed, Inc.^(b)(c)		3,872		107,332
Intellia Therapeutics, Inc.^(b)(c)		2,436		78,244
Ionis Pharmaceuticals, Inc.^(b)(c)		3,854		174,239
Iovance Biotherapeutics, Inc.^(b)(c)		6,912		109,970
Ironwood Pharmaceuticals, Inc.^(b)		4,248		40,059
iTeos Therapeutics, Inc.^(b)		950		10,174
Janux Therapeutics, Inc.^(b)(c)		1,216		58,830
KalVista Pharmaceuticals, Inc.^(b)(c)		1,108		15,124
Karuna Therapeutics, Inc.^(b)		1,019		319,935
Keros Therapeutics, Inc.^(b)(c)		907		61,222
Kiniksa Pharmaceuticals Ltd., Class A^(b)(c)		943		19,935
Krystal Biotech, Inc.^(b)(c)		751		119,762
Kura Oncology, Inc.^(b)(c)		1,984		41,823
Kymera Therapeutics, Inc.^(b)(c)		1,491		63,666
Legend Biotech Corp., ADR^(b)(c)		2,151		140,159
Lexicon Pharmaceuticals, Inc.^(b)(c)		6,511		16,212
Lyell Immunopharma, Inc.^(b)(c)		6,709		19,590
MacroGenics, Inc.^(b)		1,651		29,619
Madrigal Pharmaceuticals, Inc.^(b)(c)		523		123,533
MannKind Corp.^(b)(c)		7,181		29,514
MeiraGTx Holdings PLC^(b)(c)		1,682		10,378
Merus N.V. (Netherlands)^(b)(c)		1,563		75,774
Mineralys Therapeutics, Inc.^(b)		1,086		16,703
Mirum Pharmaceuticals, Inc.^(b)(c)		1,255		36,031
Moderna, Inc.^(b)(c)		10,246		945,091
Morphic Holding, Inc.^(b)(c)		1,351		49,919
Myriad Genetics, Inc.^(b)		2,360		49,395
Neurocrine Biosciences, Inc.^(b)		2,636		343,734
Novavax, Inc.^(b)(c)		3,168		15,650
Nurix Therapeutics, Inc.^(b)(c)		1,293		15,969
Nuvalent, Inc., Class A^(b)(c)		1,534		129,040

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Biotechnology-(continued)
Olema Pharmaceuticals, Inc.^(b)(c)		1,447	$	17,943
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(d)		125		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(d)		125		0
ORIC Pharmaceuticals, Inc.^(b)		1,788		22,779
Ovid therapeutics, Inc.^(b)(c)		1,883		6,402
Precigen, Inc.^(b)(c)		6,621		10,196
Prime Medicine, Inc.^(b)(c)		2,592		22,369
Protagonist Therapeutics, Inc.^(b)(c)		1,535		46,633
Prothena Corp. PLC (Ireland)^(b)(c)		1,425		39,316
PTC Therapeutics, Inc.^(b)(c)		2,008		56,606
RAPT Therapeutics, Inc.^(b)(c)		923		7,910
Recursion Pharmaceuticals, Inc., Class A^(b)(c)		5,544		74,622
Regeneron Pharmaceuticals, Inc.^(b)		2,345		2,265,481
REGENXBIO, Inc.^(b)(c)		1,173		20,457
Relay Therapeutics, Inc.^(b)(c)		3,287		32,936
Reneo Pharmaceuticals, Inc.^(b)(c)		901		1,487
Replimune Group, Inc.^(b)		1,562		13,402
REVOLUTION Medicines, Inc.^(b)(c)		4,417		130,213
Rhythm Pharmaceuticals, Inc.^(b)(c)		1,608		69,819
Rocket Pharmaceuticals, Inc.^(b)(c)		2,410		70,613
Roivant Sciences Ltd.^(b)(c)		21,664		247,836
Sage Therapeutics, Inc.^(b)(c)		1,610		34,583
Sana Biotechnology, Inc.^(b)(c)		5,895		59,186
Sarepta Therapeutics, Inc.^(b)(c)		2,511		321,157
Savara, Inc.^(b)		3,616		18,261
Scholar Rock Holding Corp.^(b)(c)		1,912		29,636
SpringWorks Therapeutics, Inc.^(b)(c)		1,931		95,121
Summit Therapeutics, Inc.^(b)(c)		18,988		86,206
Syndax Pharmaceuticals, Inc.^(b)(c)		2,236		52,412
Tango Therapeutics, Inc.^(b)(c)		2,714		30,207
Taysha Gene Therapies, Inc.^(b)		4,971		15,708
Tourmaline Bio, Inc.		682		26,475
Travere Therapeutics, Inc.^(b)(c)		2,002		15,135
Twist Bioscience Corp.^(b)(c)		1,535		60,310
Ultragenyx Pharmaceutical, Inc.^(b)(c)		2,206		114,094
uniQure N.V. (Netherlands)^(b)		1,279		7,354
United Therapeutics Corp.^(b)		1,268		286,112
UroGen Pharma Ltd.^(b)(c)		823		15,086
Vanda Pharmaceuticals, Inc.^(b)		1,532		6,848
Vaxcyte, Inc.^(b)		2,900		214,078
Vera Therapeutics, Inc.^(b)		1,402		66,006
Veracyte, Inc.^(b)(c)		1,994		46,959
Vericel Corp.^(b)		1,277		58,333
Vertex Pharmaceuticals, Inc.^(b)		5,439		2,288,405
Verve Therapeutics, Inc.^(b)(c)		2,023		34,492
Vir Biotechnology, Inc.^(b)(c)		3,570		40,127
Voyager Therapeutics, Inc.^(b)(c)		1,436		11,948
Xencor, Inc.^(b)		1,628		37,363
Xenon Pharmaceuticals, Inc. (Canada)^(b)		1,996		94,211
Y-mAbs Therapeutics, Inc.^(b)(c)		1,166		19,472
Zai Lab Ltd., ADR (China)^(b)(c)		1,326		27,819
Zentalis Pharmaceuticals, Inc.^(b)(c)		1,885		28,105
Zymeworks, Inc.^(b)		1,869		22,447

				21,250,167

Health Care Equipment & Supplies-0.17%
Novocure Ltd.^(b)(c)		2,841		43,496


	Shares		Value
Health Care Providers & Services-0.35%
23andMe Holding Co., Class A^(b)		8,285	$	4,722
Castle Biosciences, Inc.^(b)		714		12,895
Guardant Health, Inc.^(b)(c)		3,152		59,888
PetIQ, Inc.^(b)(c)		789		14,368

				91,873

Life Sciences Tools & Services-4.49%
AbCellera Biologics, Inc. (Canada)^(b)(c)		7,709		38,930
Adaptive Biotechnologies Corp.^(b)(c)		3,864		15,881
Fortrea Holdings, Inc.^(b)(c)		2,405		90,284
Illumina, Inc.^(b)		4,265		596,375
Maravai LifeSciences Holdings, Inc., Class A^(b)		3,524		27,241
MaxCyte, Inc.^(b)(c)		2,746		12,632
Medpace Holdings, Inc.^(b)(c)		826		328,351
Nautilus Biotechnology, Inc.^(b)		3,320		8,931
OmniAb, Inc.^(b)(c)		3,087		18,028
Pacific Biosciences of California, Inc.^(b)(c)		7,108		39,307

				1,175,960

Pharmaceuticals-13.73%
Aclaris Therapeutics, Inc.^(b)		1,886		2,244
Amphastar Pharmaceuticals, Inc.^(b)(c)		1,281		59,656
Amylyx Pharmaceuticals, Inc.^(b)		1,790		33,742
ANI Pharmaceuticals, Inc.^(b)(c)		555		37,557
Arvinas, Inc.^(b)(c)		1,497		68,832
AstraZeneca PLC, ADR (United Kingdom)^(c)		14,942		958,679
ATAI Life Sciences N.V. (Germany)^(b)(c)		4,405		8,546
Atea Pharmaceuticals, Inc.^(b)(c)		2,226		9,594
Avadel Pharmaceuticals PLC, ADR^(b)(c)		2,373		30,327
Axsome Therapeutics, Inc.^(b)(c)		1,281		104,248
Collegium Pharmaceutical, Inc.^(b)(c)		857		31,460
Cymabay Therapeutics, Inc.^(b)		3,069		98,791
Edgewise Therapeutics, Inc.^(b)(c)		2,482		40,531
Enliven Therapeutics, Inc.^(b)(c)		1,088		17,375
Evolus, Inc.^(b)		1,524		22,601
EyePoint Pharmaceuticals, Inc.^(b)		1,335		36,325
Fulcrum Therapeutics, Inc.^(b)(c)		1,647		16,816
Harmony Biosciences Holdings, Inc.^(b)(c)		1,565		50,237
Harrow, Inc.^(b)		937		10,143
Hutchmed China Ltd., ADR (China)^(b)		826		12,481
Innoviva, Inc.^(b)(c)		1,692		25,854
Intra-Cellular Therapies, Inc.^(b)		2,587		179,848
Jazz Pharmaceuticals PLC^(b)		1,686		200,465
Ligand Pharmaceuticals, Inc.^(b)(c)		466		36,977
Marinus Pharmaceuticals, Inc.^(b)(c)		1,443		13,709
Ocular Therapeutix, Inc.^(b)(c)		2,910		29,275
Pacira BioSciences, Inc.^(b)(c)		1,268		37,685
Phathom Pharmaceuticals, Inc.^(b)(c)		1,526		16,328
Phibro Animal Health Corp., Class A		554		7,163
Pliant Therapeutics, Inc.^(b)(c)		1,609		25,535
Revance Therapeutics, Inc.^(b)(c)		2,343		16,729
Royalty Pharma PLC, Class A		12,010		364,383
Sanofi S.A., ADR		7,544		360,980
SIGA Technologies, Inc.^(c)		1,891		9,852
Structure Therapeutics, Inc., ADR^(b)(c)		1,028		41,706
Supernus Pharmaceuticals, Inc.^(b)(c)		1,444		42,887
Tarsus Pharmaceuticals, Inc.^(b)(c)		867		33,137
Terns Pharmaceuticals, Inc.^(b)		1,647		12,056
Theravance Biopharma, Inc.^(b)(c)		1,318		12,481
Third Harmonic Bio, Inc.^(b)		1,071		10,860
Ventyx Biosciences, Inc.^(b)(c)		1,562		11,059

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Pharmaceuticals-(continued)
Verona Pharma PLC, ADR (United Kingdom)^(b)(c)		1,775	$	30,566
Viatris, Inc.		32,243		398,846
WaVe Life Sciences Ltd.^(b)		3,114		14,978
Xeris Biopharma Holdings, Inc.^(b)(c)		3,672		11,291

				3,594,835

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $28,731,013)				26,156,331


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.85%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		2,035,604		2,035,604


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		4,988,756	$	4,991,250

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,027,450)				7,026,854

TOTAL INVESTMENTS IN SECURITIES-126.78% (Cost $35,758,463)				33,183,185
OTHER ASSETS LESS LIABILITIES-(26.78)%				(7,009,866	)

NET ASSETS-100.00%			$	26,173,319

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	931,066	$	(931,066	)		$	-			$	-		$	-	$	559

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			856,499		8,764,958		(7,585,853	)			-				-			2,035,604		34,361	*

Invesco Private Prime Fund			2,202,426		15,751,790		(12,964,261	)			(596	)			1,891			4,991,250		91,396	*



Total		$	3,058,925	$	25,447,814	$	(21,481,180	)		$	(596	)		$	1,891		$	7,026,854	$	126,316

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Biotechnology		81.19

Pharmaceuticals		13.73

Life Sciences Tools & Services		4.49

Industry Types Each Less Than 3%		0.52

Money Market Funds Plus Other Assets Less Liabilities		0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Automobiles-0.69%
Thor Industries, Inc.		151	$	19,355


Biotechnology-2.94%
Amgen, Inc.		303		82,970


Commercial Services & Supplies-5.08%
Cintas Corp.		91		57,204
Republic Services, Inc.		295		54,162
Rollins, Inc.		721		31,774

				143,140

Consumer Finance-1.90%
Capital One Financial Corp.		390		53,668


Containers & Packaging-0.56%
Berry Global Group, Inc.		273		15,891


Electronic Equipment, Instruments & Components-3.77%
Amphenol Corp., Class A		544		59,427
Littelfuse, Inc.		67		15,962
Teledyne Technologies, Inc.^(b)		72		30,763

				106,152


Entertainment-1.00%
Warner Bros. Discovery, Inc.^(b)		3,208		28,198


Financial Services-6.36%
Jack Henry & Associates, Inc.		141		24,501
Mastercard, Inc., Class A		326		154,772

				179,273

Food Products-1.11%
Hormel Foods Corp.		883		31,188


Health Care Technology-0.21%
Simulations Plus, Inc.		143		5,934


Hotels, Restaurants & Leisure-2.27%
Marriott International, Inc., Class A		256		63,967


Household Durables-2.37%
Cavco Industries, Inc.^(b)		35		13,040
NVR, Inc.^(b)		5		38,128
Whirlpool Corp.		146		15,679

				66,847

IT Services-1.00%
VeriSign, Inc.^(b)		145		28,317


Life Sciences Tools & Services-6.39%
Mettler-Toledo International, Inc.^(b)		30		37,417
Thermo Fisher Scientific, Inc.		190		108,334
West Pharmaceutical Services, Inc.		96		34,402

				180,153

Media-0.22%
TechTarget, Inc.^(b)		197		6,247


Oil, Gas & Consumable Fuels-0.78%
Texas Pacific Land Corp.		14		22,056


	Shares		Value
Pharmaceuticals-0.64%
Jazz Pharmaceuticals PLC^(b)		151	$	17,954


Professional Services-4.80%
Automatic Data Processing, Inc.		286		71,823
Paychex, Inc.		364		44,634
Robert Half, Inc.		235		18,894

				135,351

Semiconductors & Semiconductor Equipment-28.64%
Broadcom, Inc.		145		188,571
KLA Corp.		106		72,324
Microchip Technology, Inc.		539		45,351
NVIDIA Corp.		507		401,098
NXP Semiconductors N.V. (China)		238		59,436
ON Semiconductor Corp.^(b)		517		40,802

				807,582

Software-25.75%
Adobe, Inc.^(b)		187		104,772
Cadence Design Systems, Inc.^(b)		213		64,833
Fair Isaac Corp.^(b)		32		40,637
Fortinet, Inc.^(b)		808		55,841
Intuit, Inc.		151		100,097
Manhattan Associates, Inc.^(b)		109		27,613
Progress Software Corp.		183		9,765
PTC, Inc.^(b)		182		33,308
Qualys, Inc.^(b)		92		15,811
Roper Technologies, Inc.		95		51,749
Salesforce, Inc.^(b)		426		131,557
ServiceNow, Inc.^(b)		117		90,247

				726,230

Specialty Retail-3.44%
AutoZone, Inc.^(b)		17		51,102
Monro, Inc.		210		7,050
Ulta Beauty, Inc.^(b)		71		38,948

				97,100

Total Common Stocks & Other Equity Interests (Cost $2,391,413)				2,817,573


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(c)(d)(Cost $1,123)		1,123		1,123

TOTAL INVESTMENTS IN SECURITIES-99.96% (Cost $2,392,536)				2,818,696
OTHER ASSETS LESS LIABILITIES-0.04%				1,133

NET ASSETS-100.00%			$	2,819,829

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$-		$2,677		$(1,554)		$-		$-		$1,123		$5

^(d)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Semiconductors & Semiconductor Equipment		28.64

Software		25.75

Life Sciences Tools & Services		6.39

Financial Services		6.36

Commercial Services & Supplies		5.08

Professional Services		4.80

Electronic Equipment, Instruments & Components		3.77

Specialty Retail		3.44

Industry Types Each Less Than 3%		15.69

Money Market Funds Plus Other Assets Less Liabilities		0.08

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco PHLX Semiconductor ETF (SOXQ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Electronic Equipment, Instruments & Components-0.62%
Coherent Corp.^(b)		28,555	$	1,698,452

Semiconductors & Semiconductor Equipment-99.25%
Advanced Micro Devices, Inc.^(b)(c)		140,998		27,146,345
Allegro MicroSystems, Inc. (Japan)^(b)(c)		36,364		1,145,102
Amkor Technology, Inc.		46,370		1,438,397
Analog Devices, Inc.		46,623		8,943,224
Applied Materials, Inc.		57,017		11,495,768
ASML Holding N.V., New York Shares (Netherlands)		12,474		11,871,256
Axcelis Technologies, Inc.^(b)(c)		6,186		696,977
Broadcom, Inc.		18,498		24,056,464
Entegris, Inc.^(c)		28,368		3,811,525
GLOBALFOUNDRIES, Inc.^(b)(c)		103,342		5,649,707
Intel Corp.		382,244		16,455,604
KLA Corp.		15,689		10,704,605
Lam Research Corp.		11,962		11,223,347
Lattice Semiconductor Corp.^(b)(c)		26,013		1,992,856
Marvell Technology, Inc.		153,305		10,985,836
Microchip Technology, Inc.		102,119		8,592,293
Micron Technology, Inc.^(c)		112,286		10,174,234
Monolithic Power Systems, Inc.^(c)		9,062		6,525,003
NVIDIA Corp.		36,527		28,897,240
NXP Semiconductors N.V. (China)		41,892		10,461,689
ON Semiconductor Corp.^(b)(c)		81,301		6,416,275
Qorvo, Inc.^(b)(c)		18,339		2,100,732
QUALCOMM, Inc.		130,008		20,513,962
Rambus, Inc.^(b)(c)		20,325		1,204,053
Skyworks Solutions, Inc.		30,210		3,169,633
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		87,841		11,302,502
Teradyne, Inc.^(c)		28,844		2,987,950


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Texas Instruments, Inc.		55,922	$	9,357,428
Wolfspeed, Inc.^(b)(c)		23,667		615,815

				269,935,822

Total Common Stocks & Other Equity Interests (Cost $207,632,443)				271,634,274


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $136,907)		136,907		136,907

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $207,769,350)				271,771,181


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.76%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		8,192,666		8,192,666
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		21,056,327		21,066,855

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,260,679)				29,259,521

TOTAL INVESTMENTS IN SECURITIES-110.68% (Cost $237,030,029)				301,030,702
OTHER ASSETS LESS LIABILITIES-(10.68)%				(29,042,467	)

NET ASSETS-100.00%			$	271,988,235

Investment Abbreviations:

ADR-American Depositary Receipt

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 February 29, 2024.

^(d)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 1,096,697		$ (959,790)		$ -		$ -		$ 136,907		$ 1,718

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco PHLX Semiconductor ETF (SOXQ)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,040,517	$	20,311,766	$	(13,159,617	)		$	-			$	-		$	8,192,666	$	34,657	*

Invesco Private Prime Fund			2,675,615		39,248,068		(20,857,247	)			(994	)			1,413			21,066,855		90,683	*



Total		$	3,716,132	$	60,656,531	$	(34,976,654	)		$	(994	)		$	1,413		$	29,396,428	$	127,058

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Semiconductors & Semiconductor Equipment		99.25

Electronic Equipment, Instruments & Components		0.62

Money Market Funds Plus Other Assets Less Liabilities		0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Invesco Solar ETF (TAN)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-98.56%
Chemicals-2.40%
Hanwha Solutions Corp. (South Korea)		1,472,157	$	30,679,151


Electrical Equipment-13.89%
Array Technologies, Inc.^(b)(c)		3,628,754		49,496,204
Shoals Technologies Group, Inc., Class A^(b)(c)		4,684,688		60,104,547
SunPower Corp.^(b)(c)		2,399,835		7,463,487
Sunrun, Inc.^(b)(c)		5,009,598		60,315,560

				177,379,798

Independent Power and Renewable Electricity Producers-20.73%
Altus Power, Inc.^(b)(c)		1,678,847		11,432,948
Atlantica Sustainable Infrastructure PLC (Spain)^(c)		889,715		15,979,281
Clearway Energy, Inc., Class C		1,088,823		23,736,341
Doral Group Renewable Energy Resources Ltd. (Israel)^(b)		2,093,670		4,455,116
Encavis AG (Germany)^(b)(c)		2,884,465		34,476,138
Energix-Renewable Energies Ltd. (Israel)		3,483,404		13,059,351
Enlight Renewable Energy Ltd. (Israel)^(b)(c)		1,466,114		25,335,587
Grenergy Renovables S.A. (Spain)^(b)(c)		402,098		10,817,344
Neoen S.A. (France)^(d)		965,672		24,202,253
OY Nofar Energy Ltd. (Israel)^(b)(c)		459,494		11,232,619
ReNew Energy Global PLC, Class A (India)^(b)(c)		1,131,498		7,354,737
RENOVA, Inc. (Japan)^(b)(c)		618,785		4,626,314
Scatec ASA (South Africa)^(b)(d)		1,530,323		9,478,567
Solaria Energia y Medio Ambiente S.A. (Spain)^(b)(c)		2,080,987		24,816,388
Sunnova Energy International, Inc.^(b)(c)		3,151,916		22,945,949
West Holdings Corp. (Japan)^(c)		641,514		12,678,549
Xinyi Energy Holdings Ltd. (China)^(c)		57,739,962		8,039,107

				264,666,589

Mortgage REITs-4.62%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		2,341,119		58,925,965


Semiconductors & Semiconductor Equipment-56.92%
Canadian Solar, Inc. (Canada)^(b)(c)		1,313,142		27,694,165
Daqo New Energy Corp., ADR (China)^(b)(c)		1,525,591		32,464,576

Investment Abbreviations:

ADR -American Depositary Receipt

REIT-Real Estate Investment Trust


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Enphase Energy, Inc.^(b)(c)		1,305,673	$	165,833,528
First Solar, Inc.^(b)		925,145		142,370,564
Flat Glass Group Co. Ltd., H Shares (China)^(c)		11,364,063		21,018,755
GCL Technology Holdings Ltd. (China)		498,359,212		69,386,310
JinkoSolar Holding Co. Ltd., ADR (China)^(c)		1,066,533		28,839,052
Maxeon Solar Technologies Ltd.^(b)(c)		1,055,257		4,231,581
Meyer Burger Technology AG (Switzerland)^(b)(c)		72,852,163		5,485,320
Motech Industries, Inc. (Taiwan)		10,881,000		9,518,014
SMA Solar Technology AG (Germany)^(b)(c)		421,278		25,096,532
SolarEdge Technologies, Inc.^(b)(c)		1,412,041		94,846,794
TSEC Corp. (Taiwan)		13,937,000		12,279,392
United Renewable Energy Co. Ltd. (Taiwan)		38,243,458		15,002,416
Xinyi Solar Holdings Ltd. (China)		119,607,556		72,722,763

				726,789,762

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.56% (Cost $2,306,289,535)				1,258,441,265


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-29.28%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		104,662,523		104,662,523
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		269,026,332		269,160,845

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $373,864,785)				373,823,368

TOTAL INVESTMENTS IN SECURITIES-127.84% (Cost $2,680,154,320)				1,632,264,633
OTHER ASSETS LESS LIABILITIES-(27.84)%				(355,502,641	)

NET ASSETS-100.00%			$	1,276,761,992

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco Solar ETF (TAN)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)

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 February 29, 2024 was $33,680,820, which represented 2.64% of the Fund’s Net Assets.

^(e)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	4,009,536	$	(4,009,536	)		$	-			$	-		$	-	$	577

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			130,829,433		327,123,446		(353,290,356	)			-				-			104,662,523		3,056,233	*

Invesco Private Prime Fund			335,608,224		721,259,371		(787,849,933	)			(49,486	)			192,669			269,160,845		8,206,688	*



Total		$	466,437,657	$	1,052,392,353	$	(1,145,149,825	)		$	(49,486	)		$	192,669		$	373,823,368	$	11,263,498

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

This Fund has holdings greater than 10% of net assets in the following country:


China			18.21	%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco Solar ETF (TAN)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Semiconductors & Semiconductor Equipment		56.92

Independent Power and Renewable Electricity Producers		20.73

Electrical Equipment		13.89

Mortgage REITs		4.62

Chemicals		2.40

Money Market Funds Plus Other Assets Less Liabilities		1.44

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)				Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)			Invesco PHLX Semiconductor ETF (SOXQ)			Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value^(a)		$	26,156,331			$	2,817,573		$	271,634,274	$	1,258,441,265
Affiliated investments in securities, at value			7,026,854				1,123			29,396,428		373,823,368
Foreign currencies, at value			-				-			-		4,774,986
Receivable for:
Dividends			30,685				2,026			251,925		741,752
Securities lending			2,886				-			3,051		223,212
Investments sold			-				-			-		25,081,829
Fund shares sold			-				-			-		1,080
Foreign tax reclaims			537				-			-		175,705

Total assets			33,217,293				2,820,722			301,285,678		1,663,263,197


Liabilities:
Due to custodian			6,292				-			243		4,339,071
Payable for:
Investments purchased			-				-			-		656
Investments purchased - affiliated broker			6,584				-			-		-
Collateral upon return of securities loaned			7,027,450				-			29,260,679		373,864,785
Fund shares repurchased			-				-			-		7,205,254
Accrued unitary management fees			3,648				848			36,521		-
Accrued advisory fees			-				-			-		615,883
Accrued trustees’ and officer’s fees			-				-			-		24,873
Accrued expenses			-				-			-		442,794
Accrued tax expenses			-				45			-		7,889

Total liabilities			7,043,974				893			29,297,443		386,501,205

Net Assets		$	26,173,319			$	2,819,829		$	271,988,235	$	1,276,761,992


Net assets consist of:
Shares of beneficial interest		$	31,276,979			$	2,389,957		$	214,537,472	$	3,313,166,318
Distributable earnings (loss)			(5,103,660	)			429,872			57,450,763		(2,036,404,326	)

Net Assets		$	26,173,319			$	2,819,829		$	271,988,235	$	1,276,761,992

Shares outstanding (unlimited amount authorized, $0.01 par value)			1,180,001				100,001			7,300,001		29,528,000
Net asset value		$	22.18			$	28.20		$	37.26	$	43.24

Market price		$	22.18			$	28.18		$	37.24	$	43.10

Unaffiliated investments in securities, at cost		$	28,731,013			$	2,391,413		$	207,632,443	$	2,306,289,535

Affiliated investments in securities, at cost		$	7,027,450			$	1,123		$	29,397,586	$	373,864,785

Foreign currencies, at cost		$	-			$	-		$	-	$	4,731,290

^(a)Includes securities on loan with an aggregate value of:		$	6,703,085			$	-		$	29,545,524	$	361,529,172

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)				Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)^(a)				Invesco PHLX Semiconductor ETF (SOXQ)				Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income		$	75,782			$	5,151			$	1,017,721		$	5,945,921
Affiliated dividend income			559				5				1,718			577
Securities lending income, net			12,166				-				18,404			878,715
Foreign withholding tax			-				(44	)			(26,768	)		(94,586	)

Total investment income			88,507				5,112				1,011,075			6,730,627


Expenses:
Unitary management fees			17,904				2,384				165,126			-
Advisory fees			-				-				-			3,519,863
Sub-licensing fees			-				-				-			1,267,876
Accounting & administration fees			-				-				-			82,423
Custodian & transfer agent fees			-				-				-			101,491
Trustees’ and officer’s fees			-				-				-			18,788
Tax expenses			-				45				-			-
Other expenses			-				-				-			148,799

Total expenses			17,904				2,429				165,126			5,139,240

Less: Waivers			(11	)			-				(34	)		(14	)

Net expenses			17,893				2,429				165,092			5,139,226

Net investment income			70,614				2,683				845,983			1,591,401


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(877,501	)			1,029				(941,850	)		(180,456,210	)
Affiliated investment securities			1,891				-				1,413			192,669
In-kind redemptions			-				-				1,044,324			2,237,668
Foreign currencies			-				-				-			(94,544	)

Net realized gain (loss)			(875,610	)			1,029				103,887			(178,120,417	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			2,270,457				426,160				51,410,377			(275,622,234	)
Affiliated investment securities			(596	)			-				(994	)		(49,486	)
Foreign currencies			-				-				-			39,635

Change in net unrealized appreciation (depreciation)			2,269,861				426,160				51,409,383			(275,632,085	)

Net realized and unrealized gain (loss)			1,394,251				427,189				51,513,270			(453,752,502	)

Net increase (decrease) in net assets resulting from operations		$	1,464,865			$	429,872			$	52,359,253		$	(452,161,101	)

^(a)	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)								Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Period Ended February 29, 2024^(a)
Operations:
Net investment income (loss)		$	70,614			$	134,746			$	2,683
Net realized gain (loss)			(875,610	)			(895,909	)			1,029
Change in net unrealized appreciation (depreciation)			2,269,861				2,157,822				426,160

Net increase (decrease) in net assets resulting from operations			1,464,865				1,396,659				429,872


Distributions to Shareholders from:
Distributable earnings			(80,888	)			(148,259	)			-


Shareholder Transactions:
Proceeds from shares sold			7,458,400				7,006,691				2,389,957
Value of shares repurchased			-				(11,277,859	)			-

Net increase (decrease) in net assets resulting from share transactions			7,458,400				(4,271,168	)			2,389,957

Net increase (decrease) in net assets			8,842,377				(3,022,768	)			2,819,829


Net assets:
Beginning of period			17,330,942				20,353,710				-

End of period		$	26,173,319			$	17,330,942			$	2,819,829


Changes in Shares Outstanding:
Shares sold			340,000				350,000				100,001
Shares repurchased			-				(560,000	)			-
Shares outstanding, beginning of period			840,001				1,050,001				-

Shares outstanding, end of period			1,180,001				840,001				100,001

^(a)	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16


Invesco PHLX Semiconductor ETF (SOXQ)								Invesco Solar ETF (TAN)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	845,983			$	1,162,560			$	1,591,401			$	(2,932,413	)
		103,887				9,425,748				(178,120,417	)			(168,529,448	)
		51,409,383				27,785,933				(275,632,085	)			(690,043,850	)

		52,359,253				38,374,241				(452,161,101	)			(861,505,711	)


		(749,145	)			(1,111,712	)			(1,500,860	)			-


		75,553,305				103,779,581				422,390,766				429,927,609
		(4,499,523	)			(52,103,417	)			(325,853,998	)			(910,017,213	)

		71,053,782				51,676,164				96,536,768				(480,089,604	)

		122,663,890				88,938,693				(357,125,193	)			(1,341,595,315	)


		149,324,345				60,385,652				1,633,887,185				2,975,482,500

	$	271,988,235			$	149,324,345			$	1,276,761,992			$	1,633,887,185



		2,300,000				4,340,000				8,640,000				5,440,000
		(160,000	)			(2,040,000	)			(7,200,000	)			(12,640,000	)
		5,160,001				2,860,001				28,088,000				35,288,000

		7,300,001				5,160,001				29,528,000				28,088,000


		17

Financial Highlights

Invesco Nasdaq Biotechnology ETF (IBBQ)


	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period June 9, 2021^(a)Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	20.63			$	19.38			$	26.91			$	25.34

Net investment income^(b)			0.08				0.14				0.17				0.04
Net realized and unrealized gain (loss) on investments			1.56				1.27				(7.47	)			1.53

Total from investment operations			1.64				1.41				(7.30	)			1.57

Distributions to shareholders from:
Net investment income			(0.09	)			(0.16	)			(0.23	)			-

Net asset value at end of period		$	22.18			$	20.63			$	19.38			$	26.91

Market price at end of period^(c)		$	22.18			$	20.64			$	19.40			$	26.87

Net Asset Value Total Return^(d)			8.00	%			7.30	%			(27.24	)%			6.19	%^(e)
Market Price Total Return^(d)			7.95	%			7.24	%			(27.06	)%			6.04	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	26,173			$	17,331			$	20,354			$	51,669
Ratio to average net assets of:
Expenses, after Waivers			0.19	%^(f)			0.19	%			0.11	%			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%			0.19	%			0.19	%^(f)
Net investment income			0.75	%^(f)			0.69	%			0.76	%			0.65	%^(f)
Portfolio turnover rate^(g)			16	%			13	%			22	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Financial Highlights–(continued)

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)


	For the Period December 4, 2023^(a) Through February 29, 2024 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.03
Net realized and unrealized gain on investments			3.17

Total from investment operations			3.20

Net asset value at end of period		$	28.20

Market price at end of period^(c)		$	28.18

Net Asset Value Total Return^(d)			12.80	%^(e)
Market Price Total Return^(d)			12.72	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,820
Ratio to average net assets of:
Expenses			0.40	%^(f)
Net investment income			0.44	%^(f)
Portfolio turnover rate^(g)			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to February 29, 2024 was 18.84%. The market price total return from Fund Inception to February 29, 2024 was 18.65%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Financial Highlights–(continued)

Invesco PHLX Semiconductor ETF (SOXQ)


	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period June 9, 2021^(a)Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	28.94			$	21.11			$	26.99			$	24.88

Net investment income^(b)			0.15				0.28				0.31				0.06
Net realized and unrealized gain (loss) on investments			8.31				7.83				(5.83	)			2.05

Total from investment operations			8.46				8.11				(5.52	)			2.11

Distributions to shareholders from:
Net investment income			(0.14	)			(0.28	)			(0.36	)			-

Net asset value at end of period		$	37.26			$	28.94			$	21.11			$	26.99

Market price at end of period^(c)		$	37.24			$	28.95			$	21.15			$	27.06

Net Asset Value Total Return^(d)			29.35	%			38.78	%			(20.70	)%			8.48	%^(e)
Market Price Total Return^(d)			29.23	%			38.56	%			(20.76	)%			8.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	271,988			$	149,324			$	60,386			$	63,163
Ratio to average net assets of:
Expenses, after Waivers			0.19	%^(f)			0.19	%			0.13	%			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%			0.19	%			0.19	%^(f)
Net investment income			0.97	%^(f)			1.18	%			1.22	%			1.09	%^(f)
Portfolio turnover rate^(g)			11	%			24	%			19	%			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Financial Highlights–(continued)

Invesco Solar ETF (TAN)


	Six Months Ended
	February 29,
	2024				Years Ended August 31,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	58.17		$	84.32		$	86.14		$	56.75		$	30.63		$	21.92

Net investment income (loss)^(a)			0.05			(0.09	)		(0.19	)		(0.05	)		0.17			0.05
Net realized and unrealized gain (loss) on investments			(14.93	)		(26.06	)		(1.63	)		29.53			26.04			8.79

Total from investment operations			(14.88	)		(26.15	)		(1.82	)		29.48			26.21			8.84

Distributions to shareholders from:
Net investment income			(0.05	)		-			-			(0.09	)		(0.09	)		(0.13	)

Net asset value at end of period		$	43.24		$	58.17		$	84.32		$	86.14		$	56.75		$	30.63

Market price at end of period^(b)		$	43.10		$	58.27		$	84.34		$	85.59		$	56.84		$	30.54

Net Asset Value Total Return^(c)			(25.60	)%		(31.01	)%		(2.11	)%		51.93	%		85.82	%		40.73	%
Market Price Total Return^(c)			(25.96	)%		(30.91	)%		(1.46	)%		50.72	%		86.67	%		40.96	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,276,762		$	1,633,887		$	2,975,483		$	3,218,748		$	1,335,274		$	456,086
Ratio to average net assets of:
Expenses, after Waivers			0.73	%^(d)		0.67	%		0.69	%		0.65	%		0.69	%		0.70	%
Expenses, prior to Waivers			0.73	%^(d)		0.67	%		0.69	%		0.65	%		0.69	%		0.71	%
Net investment income (loss)			0.23	%^(d)		(0.13	)%		(0.24	)%		(0.05	)%		0.49	%		0.22	%
Portfolio turnover rate^(e)			16	%		34	%		38	%		55	%		28	%		29	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco Nasdaq Biotechnology ETF (IBBQ)		“Nasdaq Biotechnology ETF”

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)		“Nasdaq Free Cash Flow Achievers ETF”

Invesco PHLX Semiconductor ETF (SOXQ)		“PHLX Semiconductor ETF”
Invesco Solar ETF (TAN)		“Solar ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC, except for Shares of Solar ETF, which are listed and traded on NYSE Arca, Inc.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

Nasdaq Biotechnology ETF		Nasdaq Biotechnology Index^®

Nasdaq Free Cash Flow Achievers ETF		Nasdaq US Free Cash Flow Achievers^TMIndex

PHLX Semiconductor ETF		PHLX Semiconductor Sector Index^®
Solar ETF		MAC Global Solar Energy Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		22

demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


		23

accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Dividends and Distributions to Shareholders - Each Fund (except for Solar ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Solar ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

Expenses - Each Fund (except for Solar ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Solar ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in


		24

the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, each Fund (except for Nasdaq Free Cash Flow Achievers ETF) had


		25

affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

Nasdaq Biotechnology ETF		$678

PHLX Semiconductor ETF		1,907

Solar ETF		19,639

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

K.	Other Risks

ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.


		26

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.


		27

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Free Cash Flow Investing Risk. Generally speaking, free cash flow is the cash a company generates after accounting for operating expenses and capital expenditures. While free cash flow yield can be a useful metric for evaluating a company, there is no guarantee that companies with high free cash flow yields will continue to maintain high free cash flow yields in the future, or that these companies will outperform companies with lower free cash flow yields. Investing in companies with high free cash flows may lead to underperformance during periods when such investments are unpopular, and/or when fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize a company’s ability to generate free cash flow.

Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro- capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.


		28

corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2025 (the “Expense Cap”). Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under the Expense Cap.

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

Nasdaq Biotechnology ETF		0.19%

Nasdaq Free Cash Flow Achievers ETF		0.39%

PHLX Semiconductor ETF		0.19%

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



Nasdaq Biotechnology ETF			$11

Nasdaq Free Cash Flow Achievers ETF*			-

PHLX Semiconductor ETF			34

Solar ETF			14

*	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. There are no amounts available for potential recapture by the Adviser as of February 29, 2024.


		29

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

Nasdaq Biotechnology ETF		Nasdaq, Inc.

Nasdaq Free Cash Flow Achievers ETF		Nasdaq, Inc.

PHLX Semiconductor ETF		Nasdaq, Inc.
Solar ETF		MAC Indexing LLC



Nasdaq Biotechnology ETF	$	1,764

Nasdaq Free Cash Flow Achievers ETF*		5

PHLX Semiconductor ETF		2,400

Solar ETF		34,521

* For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

NOTE 4–Additional Valuation Information


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 the Adviser’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 February 29, 2024, for each Fund (except for Nasdaq Free Cash Flow Achievers ETF). As of February 29, 2024, all of the securities in Nasdaq Free Cash Flow Achievers ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3			Total

Nasdaq Biotechnology ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	26,155,857	$	-		$	474	$	26,156,331

Money Market Funds		-		7,026,854			-		7,026,854


Total Investments	$	26,155,857	$	7,026,854		$	474	$	33,183,185


		30


	Level 1		Level 2		Level 3			Total

PHLX Semiconductor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	271,634,274	$	-		$	-	$	271,634,274

Money Market Funds		136,907		29,259,521			-		29,396,428


Total Investments	$	271,771,181	$	29,259,521		$	-	$	301,030,702


Solar ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,258,441,265	$	-		$	-	$	1,258,441,265

Money Market Funds		-		373,823,368			-		373,823,368


Total Investments	$	1,258,441,265	$	373,823,368		$	-	$	1,632,264,633

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

Nasdaq Biotechnology ETF	$	848,707	$	764,512	$	1,613,219

PHLX Semiconductor ETF		3,653,279		3,203,689		6,856,968

Solar ETF		209,664,046		464,141,675		673,805,721

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


	Purchases		Sales

Nasdaq Biotechnology ETF	$	3,111,201	$	3,138,771

Nasdaq Free Cash Flow Achievers ETF*		109,823		109,372

PHLX Semiconductor ETF		19,809,579		20,023,989

Solar ETF		224,229,446		220,314,894

*	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Nasdaq Biotechnology ETF	$	7,464,712	$	-

Nasdaq Free Cash Flow Achievers ETF*		2,389,933		-

PHLX Semiconductor ETF		75,579,452		4,500,835

Solar ETF		367,265,498		291,334,227

*	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


		31


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

Nasdaq Biotechnology ETF	$	2,768,767	$	(5,412,698	)	$	(2,643,931	)	$	35,827,116

Nasdaq Free Cash Flow Achievers ETF		453,746		(27,586	)		426,160			2,392,536

PHLX Semiconductor ETF		66,394,811		(2,470,306	)		63,924,505			237,106,197

Solar ETF		41,748,202		(1,227,558,669	)		(1,185,810,467	)		2,818,075,100

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Nasdaq Biotechnology ETF, Nasdaq Free Cash Flow Achievers ETF and PHLX Semiconductor ETF. Interested Trustees do not receive any Trustees’ fees.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		32

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Solar ETF, you incur advisory fees and other Fund expenses. As a shareholder of Invesco Nasdaq Biotechnology ETF, Invesco Nasdaq Free Cash Flow Achievers ETF and Invesco PHLX Semiconductor ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Nasdaq Biotechnology ETF (IBBQ) Actual		$	1,000.00		$	1,080.00			0.19	%		$	0.98

Hypothetical (5% return before expenses)			1,000.00			1,023.92			0.19				0.96

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) Actual			1,000.00			1,128.00	⁽²⁾		0.40				1.02	⁽³⁾

Hypothetical (5% return before expenses)			1,000.00			1,022.87	⁽²⁾		0.40				2.01	⁽³⁾

Invesco PHLX Semiconductor ETF (SOXQ) Actual			1,000.00			1,293.50			0.19				1.08

Hypothetical (5% return before expenses)			1,000.00			1,023.92			0.19				0.96


		33

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Solar ETF (TAN)

Actual		$	1,000.00		$	744.00		0.73	%		$	3.17

Hypothetical (5% return before expenses)			1,000.00			1,021.23		0.73				3.67

⁽¹⁾

⁽²⁾

The actual ending account value is based on the actual total return of the Fund for the period December 4, 2023 (commencement of investment operations) through February 29, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period December 4, 2023 (commencement of investment operations) to February 29, 2024. Actual expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 88/366. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.


		34

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on September 14, 2023, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Nasdaq Free Cash Flow Achievers ETF and Invesco S&P 500 High Dividend Growers ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as a Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the portfolio managers of each Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of each Fund. The Trustees also noted other information the Board received and considered at its March 24, 2023 and April 18, 2023 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed matters related to the Adviser’s portfolio transaction policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:


Fund	Passive ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco Nasdaq Free Cash Flow Achievers ETF	Higher than	Lower than	Lower than	Lower than
	median (11)	median (7)	median (65)	median (2)
Invesco S&P 500 High Dividend Growers ETF	Higher than	Lower than	Lower than	Higher than
	median (43)	median (5)	median (105)	median (3)

Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the nature of the indices, the distinguishing factors of the Funds, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fees, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the


		35

Approval of Investment Advisory Contracts–(continued)

Trustees noted other information the Board received and considered at its March 24, 2023 and April 18, 2023 meetings regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of that Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as each Fund’s distributor and will be paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.


		36

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


© 2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-SAR-2	invesco.com/ETFs



		Invesco Semi-Annual Report to Shareholders February 29, 2024
		PWZ		Invesco California AMT-Free Municipal Bond ETF

		PCEF		Invesco CEF Income Composite ETF

		GOVI		Invesco Equal Weight 0-30 Year Treasury ETF

		PVI		Invesco Floating Rate Municipal Income ETF

		PHB		Invesco Fundamental High Yield^®Corporate Bond ETF

		PFIG		Invesco Fundamental Investment Grade Corporate Bond ETF

		PZA		Invesco National AMT-Free Municipal Bond ETF

		PZT		Invesco New York AMT-Free Municipal Bond ETF

		PGX		Invesco Preferred ETF

		TBLL		Invesco Short Term Treasury ETF

		BAB		Invesco Taxable Municipal Bond ETF

		VRP		Invesco Variable Rate Preferred ETF

Table of Contents


Schedules of Investments

Invesco California AMT-Free Municipal Bond ETF (PWZ)			3

Invesco CEF Income Composite ETF (PCEF)			14

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)			17

Invesco Floating Rate Municipal Income ETF (PVI)			19

Invesco Fundamental High Yield^®Corporate Bond ETF (PHB)			22

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)			27

Invesco National AMT-Free Municipal Bond ETF (PZA)			39

Invesco New York AMT-Free Municipal Bond ETF (PZT)			77

Invesco Preferred ETF (PGX)			80

Invesco Short Term Treasury ETF (TBLL)			85

Invesco Taxable Municipal Bond ETF (BAB)			87

Invesco Variable Rate Preferred ETF (VRP)			106

Statements of Assets and Liabilities			114

Statements of Operations			116

Statements of Changes in Net Assets			118

Financial Highlights			122

Notes to Financial Statements			134

Fund Expenses			148


		2

Invesco California AMT-Free Municipal Bond ETF (PWZ)

February 29, 2024

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.07%
California-98.07%
Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)^(a)		5.00%		10/01/2052	$	1,000	$	1,082,922
Alameda (County of), CA Transportation Commission, Series 2022, RB		5.00%		03/01/2045		750		843,099
Alvord Unified School District, Series 2023 A, GO Bonds, (INS - BAM)^(a)		5.00%		08/01/2052		1,500		1,684,091
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00%		04/01/2042		3,000		3,012,105
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2047		2,300		2,301,019
Bay Area Toll Authority (San Francisco Bay Area), Series 2021 F-2, Ref. RB		2.60%		04/01/2056		3,600		2,418,764
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)^(a)		5.00%		09/01/2049		1,220		1,280,339
Burbank (City of), CA, Series 2023, RB		5.00%		06/01/2048		520		574,978
California (State of), Series 2013, GO Bonds		4.00%		04/01/2043		105		104,774
California (State of), Series 2014, GO Bonds		5.00%		10/01/2044		1,030		1,035,632
California (State of), Series 2014, Ref. GO Bonds		4.00%		11/01/2044		1,500		1,494,335
California (State of), Series 2015, GO Bonds		4.00%		03/01/2045		195		195,064
California (State of), Series 2015, GO Bonds		5.00%		03/01/2045		2,000		2,026,728
California (State of), Series 2015, GO Bonds		5.00%		08/01/2045		2,100		2,139,502
California (State of), Series 2016, GO Bonds		5.00%		09/01/2045		1,100		1,142,624
California (State of), Series 2016, GO Bonds		3.00%		09/01/2046		530		440,296
California (State of), Series 2016, GO Bonds		5.00%		09/01/2046		900		933,908
California (State of), Series 2017, GO Bonds		5.00%		08/01/2046		1,000		1,036,438
California (State of), Series 2017, GO Bonds		5.00%		11/01/2047		2,370		2,506,004
California (State of), Series 2018, GO Bonds		5.00%		10/01/2047		1,720		1,772,554
California (State of), Series 2019, Ref. GO Bonds		4.00%		10/01/2039		1,000		1,041,946
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2039		1,100		1,195,299
California (State of), Series 2020, GO Bonds		4.00%		11/01/2041		1,000		1,003,845
California (State of), Series 2020, GO Bonds		4.00%		11/01/2045		175		175,088
California (State of), Series 2020, GO Bonds		4.00%		03/01/2046		5,260		5,344,155
California (State of), Series 2020, GO Bonds		4.00%		03/01/2046		165		167,640
California (State of), Series 2020, GO Bonds		3.00%		03/01/2050		400		319,321
California (State of), Series 2020, GO Bonds		3.00%		03/01/2050		2,860		2,283,148
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2038		1,140		1,199,496
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2040		6,000		6,227,027
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2040		175		182,276
California (State of), Series 2021, GO Bonds		4.00%		10/01/2039		4,990		5,259,368
California (State of), Series 2021, GO Bonds		2.38%		12/01/2043		500		371,110
California (State of), Series 2021, GO Bonds		3.00%		12/01/2043		400		343,689
California (State of), Series 2021, GO Bonds		5.00%		12/01/2043		1,200		1,332,599
California (State of), Series 2021, GO Bonds		3.00%		12/01/2046		750		621,339
California (State of), Series 2021, GO Bonds		5.00%		12/01/2046		500		551,938
California (State of), Series 2021, GO Bonds		2.50%		12/01/2049		550		381,752
California (State of), Series 2021, GO Bonds		3.00%		12/01/2049		225		180,753
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2041		7,445		8,396,858
California (State of), Series 2021, Ref. GO Bonds		4.00%		10/01/2041		3,500		3,638,564
California (State of), Series 2022 CU, GO Bonds		4.75%		12/01/2042		3,000		3,178,027
California (State of), Series 2022 CU, GO Bonds		4.85%		12/01/2046		700		746,564
California (State of), Series 2022 CU, GO Bonds		5.50%		12/01/2052		895		985,466
California (State of), Series 2022, GO Bonds		5.00%		04/01/2047		1,100		1,230,763
California (State of), Series 2022, GO Bonds		5.25%		09/01/2047		4,350		4,970,290
California (State of), Series 2022, GO Bonds		4.00%		04/01/2049		2,900		2,932,142
California (State of), Series 2022, GO Bonds		3.00%		04/01/2052		2,245		1,763,687
California (State of), Series 2022, Ref. GO Bonds		4.00%		04/01/2042		1,700		1,765,186
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		2,320		2,460,639
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		2,560		2,902,801
California (State of), Series 2022, Ref. GO Bonds		4.00%		09/01/2042		2,600		2,704,183
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2042		3,000		3,419,922
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2042		300		320,298

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2042	$	125	$	142,792
California (State of), Series 2023, GO Bonds		5.00%		10/01/2045		1,600		1,820,440
California (State of), Series 2023, GO Bonds		5.25%		10/01/2045		2,100		2,430,327
California (State of), Series 2023, GO Bonds		4.00%		10/01/2050		1,500		1,510,556
California (State of), Series 2023, GO Bonds		5.25%		10/01/2050		1,600		1,828,510
California (State of), Series 2023, GO Bonds		5.25%		09/01/2053		6,200		7,083,231
California (State of), Series 2023, Ref. GO Bonds		4.00%		10/01/2042		2,500		2,606,000
California (State of), Series 2023, Ref. GO Bonds		5.00%		10/01/2042		2,200		2,391,448
California (State of), Series 2023, Ref. GO Bonds		5.00%		10/01/2042		6,065		6,964,364
California (State of), Series 2023, Ref. GO Bonds		4.00%		09/01/2043		3,480		3,603,513
California (State of), Series 2023, Ref. GO Bonds		5.00%		09/01/2043		6,000		6,895,999
California (State of) Educational Facilities Authority (Art Center College of Design), Series 2018 A, Ref. RB		5.00%		12/01/2044		1,000		1,029,380
California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB		5.00%		06/01/2043		3,000		3,685,145
California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB		5.00%		05/01/2045		3,200		3,931,851
California (State of) Educational Facilities Authority (Stanford University), Series 2016 U-7, RB		5.00%		06/01/2046		1,900		2,334,536
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2049		4,300		5,251,055
California (State of) Educational Facilities Authority (Stanford University), Series 2021 V-2, Ref. RB		5.00%		04/01/2051		2,000		2,442,411
California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds), Series 2021, Ref. RB		2.25%		04/01/2051		400		258,999
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00%		10/01/2053		2,000		2,069,683
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB		4.00%		03/01/2043		230		218,634
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB		4.00%		03/01/2039		2,115		2,119,700
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB		4.00%		08/15/2040		700		716,339
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB		3.00%		08/15/2051		1,900		1,517,614
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB		5.00%		08/15/2051		1,000		1,090,796
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		3.25%		08/15/2039		1,000		953,502
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2039		1,825		1,831,235
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB		4.00%		08/15/2048		7,330		7,239,378
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00%		08/15/2042		700		714,593
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB		5.00%		11/15/2049		1,900		1,939,791
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB		4.00%		04/01/2044		2,000		1,948,426
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB		4.00%		04/01/2049		2,100		2,019,135
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		5.00%		02/01/2047		525		539,176
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		4.00%		11/01/2044		8,965		8,907,127
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		5.00%		11/01/2047		6,000		7,127,342
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014 A, RB		5.00%		08/15/2043		1,000		1,003,575
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB		5.00%		08/15/2055		1,000		1,020,851
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB		5.00%		11/15/2056		145		150,663
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022, Ref. RB		4.00%		05/15/2051		1,700		1,665,712
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB		4.00%		05/15/2046		2,000		2,029,251

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB		3.00%		06/01/2047	$	1,000	$	793,607
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB		4.00%		06/01/2050		4,000		3,780,530
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 B, RB		5.00%		10/01/2044		1,200		1,204,780
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		3.00%		10/01/2047		2,620		1,971,959
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2047		335		317,326
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016, Ref. RB		3.00%		10/01/2041		100		82,167
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00%		11/15/2040		1,910		1,946,505
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00%		08/15/2050		3,100		3,061,462
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		4.00%		11/15/2041		1,995		1,997,167
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		4.00%		11/15/2048		5,175		4,986,667
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2048		40		41,375
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		4.00%		11/15/2042		1,170		1,165,766
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB		4.00%		11/01/2045		1,395		1,375,919
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2044		2,005		2,161,897
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2049		1,250		1,335,877
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB		4.00%		10/01/2040		150		160,608
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB		4.00%		10/01/2047		500		511,286
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB		5.00%		10/01/2043		50		53,641
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB		3.00%		07/01/2050		2,000		1,535,909
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB		4.00%		07/01/2050		1,250		1,211,446
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2042		60		64,410
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2047		1,000		1,062,880
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), Series 2018, RB		5.00%		05/15/2043		1,000		1,034,752
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB		4.00%		03/01/2050		3,085		2,396,887
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00%		02/01/2042		1,000		959,528
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		2,000		2,032,029
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00%		07/01/2042		1,000		1,020,123
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)^(a)		4.00%		05/15/2046		500		491,318
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)^(a)		3.00%		05/15/2051		1,000		767,365
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)^(a)		3.00%		05/15/2054		1,000		746,209
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2019 A, Ref. RB		5.00%		10/01/2044		1,000		1,023,303
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2021, RB		4.00%		10/01/2049		1,000		931,844
California (State of) Municipal Finance Authority (NCROC-Paradise Valley Estates), Series 2019, RB, (INS - Cal-Mortgage)^(a)		5.00%		01/01/2049		685		723,026
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2041		610		613,316
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.00%		11/01/2047		1,000		932,960
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2047		500		495,289

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042	$	1,000	$	1,044,593
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGM)^(a)		5.25%		11/01/2052		1,900		2,131,317
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB		5.00%		05/15/2049		2,000		2,056,848
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB		5.00%		05/15/2052		1,000		1,024,808
California (State of) Pollution Control Financing Authority (San Diego County Water Authority), Series 2019, Ref. RB^(b)		5.00%		11/21/2045		1,000		1,021,842
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB		5.00%		07/15/2046		500		554,778
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB		4.00%		07/15/2051		1,000		998,769
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB		4.00%		08/01/2047		1,000		1,002,533
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB		5.00%		08/01/2047		55		58,031
California (State of) Public Works Board (Green Bonds), Series 2021, RB		4.00%		11/01/2046		500		505,251
California (State of) Public Works Board (Green Bonds), Series 2021, RB		5.00%		11/01/2046		850		944,023
California (State of) Public Works Board (Various Capital), Series 2021 B, RB		4.00%		05/01/2046		900		908,914
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2039		1,250		1,256,967
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB		4.00%		04/01/2045		1,000		961,463
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB		3.00%		04/01/2050		1,000		751,091
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2017 A, Ref. RB		5.00%		04/01/2047		300		306,934
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB		3.00%		04/01/2046		1,250		1,004,450
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB		4.00%		04/01/2051		300		276,230
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2018, RB		4.00%		07/01/2048		1,000		990,327
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00%		08/15/2046		1,650		1,639,642
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00%		08/15/2051		490		468,804
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		5.00%		08/15/2051		1,000		1,022,861
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		4.00%		12/01/2057		705		658,578
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		5.00%		12/01/2057		275		283,537
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB		4.00%		08/01/2045		1,000		904,169
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB		5.00%		01/01/2048		475		480,823
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB		5.00%		05/15/2040		1,000		1,010,309
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB		5.00%		05/15/2047		1,500		1,514,445
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2038		415		428,006
California State University, Series 2015 A, Ref. RB		4.00%		11/01/2043		25		24,988
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2047		1,600		1,638,271
California State University, Series 2016 A, Ref. RB		4.00%		11/01/2038		535		539,660
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2041		1,610		1,672,878
California State University, Series 2016 A, Ref. RB		4.00%		11/01/2045		1,000		986,408
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2045		700		724,196
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2048		3,000		3,212,076
California State University, Series 2019 A, RB		5.00%		11/01/2049		1,000		1,078,790
California State University, Series 2020 C, RB		4.00%		11/01/2045		1,720		1,733,452

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Cerritos Community College District (Election of 2012), Series 2014 A, GO Bonds		4.00%		08/01/2044	$	100	$	99,995
Cerritos Community College District (Election of 2012), Series 2019 C, GO Bonds		3.00%		08/01/2044		55		46,427
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2047		5,090		5,091,676
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds		4.00%		06/01/2043		120		121,649
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds		5.00%		06/01/2048		1,000		1,062,115
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds		5.00%		08/01/2044		2,000		2,028,835
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00%		08/01/2055		5,000		5,386,927
Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds		4.00%		08/01/2055		4,835		4,796,492
Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)^(a)		4.00%		08/01/2045		1,500		1,499,108
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)^(a)		4.00%		06/01/2049		115		115,000
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds		4.00%		08/01/2039		100		99,914
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds		4.00%		08/01/2049		1,000		999,237
Desert Community College District, Series 2017, Ref. GO Bonds		4.00%		08/01/2039		440		448,172
Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds		4.00%		08/01/2051		500		495,206
Desert Community College District (Election of 2016), Series 2024, GO Bonds		4.00%		08/01/2051		1,000		1,000,118
Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds		4.13%		08/01/2049		1,000		1,014,033
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB		5.00%		06/01/2042		1,500		1,590,749
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB		5.00%		06/01/2045		2,000		2,110,301
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)^(a)		3.13%		02/01/2040		120		106,648
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)^(a)		4.00%		10/01/2044		975		967,499
Folsom Cordova Unified School District (Election of 2014), Series 2018 C, GO Bonds		4.00%		10/01/2043		475		476,567
Foothill-De Anza Community College District, Series 2016, Ref. GO Bonds		4.00%		08/01/2040		2,000		2,017,068
Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB		4.00%		01/15/2046		4,500		4,378,311
Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB		4.00%		01/15/2043		2,336		2,327,904
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95%		01/15/2053		2,000		1,855,120
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-2, Ref. RB		3.50%		01/15/2053		1,500		1,272,840
Fremont Union High School District, Series 2015, GO Bonds		4.00%		08/01/2044		1,000		970,438
Fremont Union High School District, Series 2019 A, GO Bonds		4.00%		08/01/2046		3,110		3,120,668
Fresno Unified School District, Series 2022 B, GO Bonds		4.00%		08/01/2052		2,000		1,976,292
Fresno Unified School District, Series 2022 B, GO Bonds		4.00%		08/01/2055		2,500		2,453,892
Glendale Community College District, Series 2020 B, GO Bonds		3.00%		08/01/2047		300		241,826
Glendale Community College District, Series 2020 B, GO Bonds		4.00%		08/01/2050		2,400		2,406,161
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds		5.00%		08/01/2044		1,000		1,076,781
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds		4.00%		08/01/2047		120		120,051
Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds		4.00%		08/01/2046		1,295		1,285,360
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)^(a)		4.00%		08/01/2050		10,000		9,909,100
Inland Valley Development Agency, Series 2014 A, Ref. RB		5.00%		09/01/2044		1,000		1,001,788
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)^(a)		5.00%		09/01/2044		1,000		1,001,827
Irvine (City of), CA, Series 2023, RB, (INS - BAM)^(a)		4.00%		09/01/2058		400		401,101
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10), Series 2023, RB, (INS - BAM)^(a)		5.25%		09/01/2053		370		414,133
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB		4.25%		05/01/2053		3,500		3,512,002
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)^(a)		5.25%		09/01/2053		5,500		6,231,199
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)^(a)		4.00%		09/01/2058		1,900		1,880,731
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)^(a).		5.00%		09/01/2048		1,000		1,122,430
Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)^(a)		5.00%		09/01/2038		1,600		1,629,437
Jurupa Unified School District, Series 2017 B, GO Bonds.		4.00%		08/01/2041		2,000		2,013,674
Kaweah Delta Health Care District Guild, Series 2015 B, RB		4.00%		06/01/2045		240		192,996
La Mesa-Spring Valley School District, Series 2023 B, GO Bonds		4.00%		08/01/2051		1,625		1,629,287
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds		4.00%		08/01/2046		20		19,968
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds		4.00%		08/01/2047		200		201,557
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds		3.00%		08/01/2043		5,000		4,257,108
Long Beach (City of), CA, Series 2017 C, Ref. RB		5.00%		05/15/2047		400		417,743
Long Beach (City of), CA, Series 2019 A, RB		7.15%		05/15/2044		600		652,829
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB		5.00%		05/15/2040		500		502,451

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB		5.00%		05/15/2045	$	500	$	500,794
Long Beach (City of), CA Bond Finance Authority, Series 2023, RB		4.00%		08/01/2053		300		294,722
Long Beach Community College District, Series 2019 C, GO Bonds		4.00%		08/01/2049		1,500		1,500,279
Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds		4.00%		08/01/2050		2,000		2,000,529
Los Angeles (City of), CA, Series 2013 A, RB		5.00%		06/01/2043		2,860		2,865,448
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB		5.00%		06/01/2045		700		713,241
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25%		06/01/2047		700		741,355
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB		5.00%		06/01/2047		3,000		3,367,280
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB		5.00%		05/15/2044		1,610		1,739,998
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB		5.00%		05/15/2049		1,000		1,067,139
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2039		2,000		2,233,179
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2040		1,100		1,221,754
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B, Ref. RB		4.00%		05/15/2040		645		670,137
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB		5.00%		05/15/2045		925		1,032,148
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB		5.00%		05/15/2048		600		660,617
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB		4.00%		05/15/2048		1,000		1,008,686
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds), Series 2022 I, RB		5.00%		05/15/2048		600		665,165
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2044		1,000		1,003,075
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2039		2,000		2,007,840
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2039		1,000		1,003,920
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2044		1,000		1,002,945
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2040		1,000		1,031,461
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		2,200		2,260,503
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		2,500		2,566,967
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00%		07/01/2042		1,500		1,545,233
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2042		2,700		2,826,321
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.00%		07/01/2041		1,000		1,050,524
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.00%		07/01/2044		1,205		1,259,212
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		4.00%		07/01/2047		1,000		992,467
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB		5.00%		07/01/2048		2,000		2,126,724
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2043		1,285		1,385,968
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2048		1,000		1,071,092
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2043		1,000		1,076,893
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2048		680		727,208
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB		5.00%		07/01/2049		1,000		1,077,857
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		350		381,020
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2049		2,235		2,409,009
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2039		2,250		2,533,247
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2040		1,210		1,354,434
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2040		1,000		1,121,822
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2041		1,000		1,115,248
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2045		3,750		4,183,464
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2051		1,250		1,374,449
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2046		560		623,794
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2047		2,000		2,241,023
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2052		2,000		2,219,490
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB		5.00%		07/01/2047		1,000		1,117,089
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB		4.00%		07/01/2049		3,965		3,953,095
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2041		2,500		2,841,433

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2042	$	2,500	$	2,832,980
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2043		1,500		1,710,469
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2043		2,000		2,259,766
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB		5.00%		07/01/2047		1,100		1,235,965
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB		5.00%		07/01/2052		1,200		1,335,364
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB		5.25%		07/01/2053		1,235		1,410,370
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB		5.00%		07/01/2053		250		279,708
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2042		1,000		1,058,584
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2041		400		424,194
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2044		2,200		2,362,975
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2044		2,000		2,015,474
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		4.00%		12/01/2040		585		587,226
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		850		870,612
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB		5.00%		12/01/2044		200		218,616
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		4.00%		12/01/2043		400		408,360
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		5.00%		12/01/2045		350		386,214
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		3.00%		12/01/2050		585		450,149
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds		4.00%		08/01/2041		250		251,357
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		3.00%		08/01/2039		3,800		3,453,052
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2039		100		100,771
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2043		1,000		1,073,244
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018, RB		4.00%		12/01/2048		1,000		988,692
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2040		1,000		1,032,992
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2044		100		102,203
Los Angeles Unified School District, Series 2020 C, GO Bonds		3.00%		07/01/2045		1,000		839,475
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		4.00%		07/01/2044		5,000		5,110,162
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		5.00%		07/01/2040		905		927,809
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.25%		07/01/2042		900		969,366
Madera Unified School District (Election of 2014), Series 2017, GO Bonds		4.00%		08/01/2046		3,000		2,982,042
Madera Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)^(a)		4.00%		08/01/2042		1,000		1,000,005
Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds		5.25%		08/01/2053		300		337,538
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds		4.00%		08/01/2040		190		188,703
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		5.00%		08/01/2041		9,880		10,412,588
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		150		147,560
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2045		2,000		2,195,785
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2049		45		49,285
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2039		55		62,196
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2040		1,200		1,349,139
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00%		10/01/2046		1,000		1,114,488
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00%		10/01/2051		1,000		1,102,515
Modesto High School District (Election of 2022), Series 2022 A, GO Bonds		4.00%		08/01/2052		300		300,191
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds		4.00%		08/01/2046		45		44,665
Monterey Peninsula Unified School District (Election of 2018), Series 2023 D, GO Bonds		4.00%		08/01/2047		5,000		5,080,563
Monterey Peninsula Unified School District (Election of 2018), Series 2023 D, GO Bonds		4.00%		08/01/2048		4,930		4,988,193
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)^(a)		3.00%		08/01/2050		400		320,041
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00%		08/01/2047		3,000		3,010,483
Mount San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds		4.00%		08/01/2049		2,400		2,429,689
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)^(a)		5.00%		08/01/2048		1,800		1,894,401
M-S-R Energy Authority, Series 2009 A, RB		6.50%		11/01/2039		1,100		1,414,238
M-S-R Energy Authority, Series 2009 B, RB		6.50%		11/01/2039		1,800		2,314,207
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds		5.00%		08/01/2044		70		76,277
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds		4.00%		08/01/2043		795		799,671
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)^(a)		4.00%		08/01/2044		1,245		1,245,042
Oak Grove School District (Election of 2022), Series 2023 A-2, GO Bonds		4.00%		08/01/2049		2,700		2,720,035
Oakland (City of), CA, Series 2020 B-1, GO Bonds		3.00%		01/15/2050		300		238,861
Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)^(a)		4.00%		08/01/2046		1,000		1,007,592

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022 A, RB, (INS - AGM)^(a)		5.00%		11/01/2052	$	2,500	$	2,695,192
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2041		300		328,638
Orange (County of), CA Water District, Series 2017 A, Ref. RB		4.00%		08/15/2041		2,000		2,017,648
Oxnard Union High School District, Series 2020 B, GO Bonds		5.00%		08/01/2045		480		511,507
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds		4.00%		08/01/2047		3,000		3,027,186
Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds		5.25%		08/01/2045		2,000		2,123,103
Palomar Health, Series 2016, Ref. RB		5.00%		11/01/2039		1,500		1,510,925
Palomar Health, Series 2017, Ref. RB		5.00%		11/01/2042		1,000		1,004,193
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds		5.00%		08/01/2048		2,000		2,240,193
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds		4.00%		08/01/2052		400		401,960
Peralta Community College District, Series 2016 A, Ref. GO Bonds		4.00%		08/01/2039		50		50,054
Peralta Community College District, Series 2022 B, GO Bonds		5.50%		08/01/2052		1,000		1,148,438
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2041		1,300		1,343,682
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2047		2,605		2,676,847
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2041		1,000		1,139,688
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2042		5,000		5,667,623
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2047		5,150		5,719,669
Regents of the University of California Medical Center, Series 2022 P, RB		4.00%		05/15/2053		5,300		5,237,426
Regents of the University of California Medical Center, Series 2022 P, RB		3.50%		05/15/2054		1,400		1,236,428
Riverside (City of), CA, Series 2024 A, Ref. RB		5.00%		10/01/2049		2,000		2,259,671
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2039		675		687,181
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2040		750		759,440
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2046		1,630		1,594,682
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		3.00%		06/01/2049		2,000		1,527,782
Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds		4.00%		08/01/2042		225		226,012
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00%		06/01/2048		2,700		2,814,570
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2050		4,000		4,353,861
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB		5.00%		08/15/2048		500		563,540
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB		5.00%		08/15/2053		500		556,260
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)^(a)		5.50%		08/01/2047		1,500		1,669,136
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)^(a)		5.50%		08/01/2052		3,000		3,314,368
Sacramento (City of), CA Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO Bonds, (INS - AGM)^(a)		4.00%		08/01/2049		1,000		986,667
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		1,000		1,028,743
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB		5.00%		12/01/2044		1,525		1,526,947
Sacramento Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB		5.00%		10/01/2047		5,000		5,169,782
Salinas Union High School District, Series 2022 A, GO Bonds		4.00%		08/01/2047		2,500		2,533,040
San Diego (City of), CA Association of Governments, Series 2017 A, RB		5.00%		07/01/2042		400		418,620
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB		5.00%		08/01/2043		1,000		1,076,711
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB		5.25%		08/01/2047		520		560,856
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB		4.00%		08/01/2045		300		303,552
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB		5.00%		05/15/2052		1,050		1,164,866
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB		5.00%		10/15/2044		1,000		1,020,404
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		5.00%		10/15/2046		1,535		1,687,806
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		4.00%		10/15/2050		300		300,666
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2044		1,500		1,618,448
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2049		2,000		2,133,612
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		4.00%		07/01/2046		500		499,261
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		5.00%		07/01/2046		750		823,129
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		4.00%		07/01/2051		1,000		982,074
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		4.00%		07/01/2056		2,000		1,931,277
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2048		1,000		1,030,418
San Diego (County of), CA Water Authority, Series 2022 A, RB		5.00%		05/01/2047		2,500		2,815,859
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00%		07/01/2040		1,000		1,023,629

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		4.00%		07/01/2045	$	115	$	114,991
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2041		3,535		3,727,412
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2047		2,770		2,775,447
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2047		3,000		3,132,764
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds		4.00%		07/01/2049		4,560		4,576,863
San Diego Unified School District (Election of 2012) (Green Bonds), Series 2021 N-2, GO Bonds		4.00%		07/01/2046		1,200		1,210,848
San Diego Unified School District (Election of 2018), Series 2019 B, GO Bonds		3.25%		07/01/2048		60		51,253
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds		4.00%		07/01/2050		1,000		1,003,046
San Diego Unified School District (Election of 2018), Series 2023, GO Bonds		4.00%		07/01/2053		2,700		2,689,837
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds		4.00%		07/01/2053		1,700		1,693,601
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00%		05/01/2044		2,000		2,002,013
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB		5.00%		05/01/2046		8,570		8,800,487
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00%		05/01/2047		2,735		2,845,737
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB		5.00%		05/01/2048		1,625		1,711,760
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB		5.00%		05/01/2050		1,040		1,109,613
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00%		05/01/2049		900		961,471
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB		4.00%		11/01/2039		2,200		2,216,814
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB		4.00%		10/01/2043		950		951,751
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB		5.00%		11/01/2050		1,000		1,096,022
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB		5.00%		10/01/2045		4,110		4,620,074
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB		4.00%		10/01/2050		950		951,208
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB		4.00%		11/01/2041		1,200		1,260,174
San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB		3.00%		11/01/2050		500		404,655
San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB		4.00%		11/01/2050		385		385,388
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB		5.25%		11/01/2048		1,100		1,277,636
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB		5.25%		11/01/2052		2,000		2,295,220
San Francisco (City & County of), CA Public Utilities Commission (Regional Water), Series 2020 B, RB		5.00%		11/01/2050		2,100		2,207,423
San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB		4.00%		03/01/2046		200		200,225
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB		4.00%		03/01/2051		1,000		991,924
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2020 C-1, GO Bonds		3.00%		08/01/2050		2,500		1,984,999
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		3.00%		08/01/2042		1,000		887,068
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		4.00%		08/01/2047		1,500		1,513,704
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		4.25%		08/01/2052		3,000		3,050,202
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds		4.00%		06/15/2045		3,000		3,015,035
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB		4.00%		01/15/2050		2,700		2,679,739
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB		5.25%		01/15/2044		1,100		1,112,938
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB		5.25%		01/15/2049		2,600		2,628,107
San Jose (City of), CA Financing Authority (Green Bonds), Series 2022 B, RB		5.00%		11/01/2052		1,100		1,231,278
San Juan Unified School District (Election of 2016), Series 2024, GO Bonds		4.00%		08/01/2049		2,000		1,998,474
San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds		5.25%		08/01/2048		1,000		1,125,796
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO Bonds		4.00%		08/01/2043		300		301,763
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		4.00%		08/01/2044		5,000		5,047,978
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		5.00%		08/01/2049		3,500		3,771,799

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB		5.00%		07/15/2043	$	495	$	532,646
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds		5.00%		09/01/2045		1,455		1,564,235
San Mateo Foster City School District, Series 2021 A, GO Bonds		2.50%		08/01/2046		1,000		726,019
San Mateo Foster City School District, Series 2021 A, GO Bonds		2.50%		08/01/2051		1,000		678,909
San Mateo Union High School District, Series 2021 B, GO Bonds		2.00%		09/01/2045		1,000		648,333
San Mateo Union High School District, Series 2021 B, GO Bonds		2.13%		09/01/2048		300		189,975
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds		4.00%		08/01/2047		5,000		5,014,169
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds		3.25%		08/01/2039		50		45,997
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB		3.13%		05/01/2047		200		166,975
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds		4.00%		07/01/2048		100		98,981
Santa Clara Valley Water District, Series 2016 A, Ref. RB		5.00%		06/01/2046		390		400,564
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2046		1,000		1,003,113
South San Francisco Unified School District (Election of 2022), Series 2023, GO Bonds		4.00%		09/01/2048		125		125,549
Southern California Public Power Authority, Series 2023-1A, RB		5.00%		07/01/2048		1,905		2,159,013
Southern California Public Power Authority, Series 2023-1A, RB		5.25%		07/01/2053		2,200		2,508,634
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2047		1,300		1,300,428
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB		4.00%		04/01/2045		2,000		2,023,826
Sweetwater Union High School District, Series 2016, Ref. GO Bonds		4.00%		08/01/2042		1,000		1,001,821
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2049		1,200		1,224,591
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)^(a)		4.00%		08/01/2039		2,000		2,046,827
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2041		700		726,857
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		1,135		1,172,111
University of California, Series 2017 AV, RB		5.25%		05/15/2042		4,000		4,285,951
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2043		1,915		2,059,730
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2048		3,500		3,733,437
University of California, Series 2018 AZ, Ref. RB		5.25%		05/15/2058		1,000		1,070,334
University of California, Series 2019 BB, Ref. RB		5.00%		05/15/2049		1,705		1,834,824
University of California, Series 2020 BE, Ref. RB		4.00%		05/15/2047		2,750		2,751,483
University of California, Series 2020 BE, Ref. RB		4.00%		05/15/2050		2,000		1,989,785
University of California, Series 2021 BH, Ref. RB		4.00%		05/15/2046		4,000		4,052,272
University of California, Series 2021 BH, Ref. RB		4.00%		05/15/2051		4,355		4,316,432
University of California, Series 2023 BN, Ref. RB		5.50%		05/15/2040		5,000		6,038,700
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2041		5,000		5,804,381
University of California, Series 2024 BS, Ref. RB		5.00%		05/15/2041		1,000		1,175,873
University of California, Series 2024 BS, Ref. RB		5.00%		05/15/2042		1,000		1,170,559
University of California (Limited), Series 2016 K, RB		4.00%		05/15/2046		2,650		2,645,958
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2042		1,725		1,833,068
University of California (Limited), Series 2017 M, RB		4.00%		05/15/2047		125		124,447
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2048		3,000		3,195,241
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2058		1,500		1,588,555
University of California (Limited), Series 2021 Q, Ref. RB		4.00%		05/15/2039		1,500		1,571,903
University of California (Limited), Series 2021 Q, Ref. RB		5.00%		05/15/2046		5,000		5,537,052
University of California (Limited), Series 2021 Q, Ref. RB		3.00%		05/15/2051		2,000		1,593,017
University of California (Limited), Series 2021 Q, Ref. RB		4.00%		05/15/2051		1,250		1,228,806
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP		5.00%		01/01/2047		400		408,341
Vacaville Unified School District, Series 2020 D, GO Bonds		4.00%		08/01/2045		1,000		1,001,187
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)^(a)		5.25%		08/01/2048		1,500		1,700,373
West Valley-Mission Community College District (Election of 2012), Series 2015 B, GO Bonds		4.00%		08/01/2040		1,225		1,227,368
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.), Series 2014, RB		5.00%		06/01/2044		285		285,573

TOTAL INVESTMENTS IN SECURITIES^(c)-98.07% (Cost $804,476,637)								803,049,841
OTHER ASSETS LESS LIABILITIES-1.93%								15,799,069

NET ASSETS-100.00%							$	818,848,910

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 29, 2024

(Unaudited)

Investment Abbreviations:

AGM -Assured Guaranty Municipal Corp.

BAM -Build America Mutual Assurance Co.

COP -Certificates of Participation

GO -General Obligation

INS -Insurer

RB -Revenue Bonds

Ref. -Refunding

Notes to Schedule of Investments:

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

^(b)

^(c)	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.


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Ad Valorem Property Tax			20.11

Income Tax Revenue			20.11

Health, Hospital, Nursing Home Revenue			14.53

General Fund			7.82

College & University Revenue			7.24

Electric Power Revenue			5.39

Port, Airport & Marina Revenue			4.58

Water Revenue			3.85

Sales Tax Revenue			3.17

Revenue Types Each Less Than 3%			11.27

Other Assets Less Liabilities			1.93

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Invesco CEF Income Composite ETF (PCEF)

February 29, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Closed-End Funds-99.89%
Bonds-33.55%
Aberdeen Asia-Pacific Income Fund, Inc.^(a)		2,954,628	$	7,947,949
BlackRock Core Bond Trust^(a)		490,489		5,140,325
BlackRock Credit Allocation Income Trust^(a)		1,101,463		11,796,669
BlackRock Limited Duration Income Trust^(a)		362,102		5,083,912
BlackRock Multi-Sector Income Trust^(a)		239,218		3,710,271
BlackRock Taxable Municipal Bond Trust^(a)		720,131		11,781,343
Blackstone Long-Short Credit Income Fund^(a)		154,792		1,874,531
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.^(a)		333,999		6,673,300
Cohen & Steers Select Preferred and Income Fund, Inc.		125,496		2,459,722
DoubleLine Income Solutions Fund^(a)		936,508		11,828,096
DoubleLine Opportunistic Credit Fund^(a)		117,639		1,790,348
Eaton Vance Limited Duration Income Fund^(a)		1,364,907		13,485,281
Eaton Vance Short Duration Diversified Income Fund^(a)		140,519		1,500,743
First Trust Intermediate Duration Preferred & Income Fund^(a)		731,393		12,916,400
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.^(a)		248,026		4,662,889
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.^(a)		592,092		8,638,622
Flaherty & Crumrine Total Return Fund, Inc.^(a)		131,275		1,980,940
Franklin Ltd. Duration Income Trust		480,737		3,023,836
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust^(a)		169,254		2,733,452
Invesco Bond Fund^(a)(b)		119,351		1,880,972
Invesco Senior Income Trust^(a)(b)		1,495,838		6,207,728
John Hancock Preferred Income Fund^(a)		238,863		3,962,737
John Hancock Preferred Income Fund II^(a)		153,489		2,555,592
John Hancock Preferred Income Fund III^(a)		239,368		3,636,000
John Hancock Premium Dividend Fund^(a)		580,225		6,707,401
MFS Charter Income Trust^(a)		508,452		3,208,332
MFS Intermediate Income Trust^(a)		1,292,559		3,541,612
MFS Multimarket Income Trust^(a)		701,844		3,235,501
Nuveen Credit Strategies Income Fund^(a)		1,645,671		9,084,104
Nuveen Floating Rate Income Fund^(a)		1,626,145		14,066,154
Nuveen Global High Income Fund^(a)		273,448		3,472,789
Nuveen Preferred & Income Opportunities Fund^(a)		3,908,680		27,947,062
Nuveen Taxable Municipal Income Fund^(a)		344,683		5,328,799
PIMCO Dynamic Income Opportunities Fund^(a)		1,035,009		13,568,968
PIMCO Income Strategy Fund^(a)		275,300		2,334,544
PIMCO Income Strategy Fund II^(a)		758,200		5,603,098
Pioneer Floating Rate Fund, Inc.^(a)		146,422		1,418,829
Putnam Premier Income Trust^(a)		1,102,833		3,937,114
Saba Capital Income & Opportunities Fund II		679,954		2,617,823
Western Asset Inflation-Linked Opportunities & Income Fund		766,355		6,491,027

				249,834,815

Bonds/High Yield-19.12%
AllianceBernstein Global High Income Fund, Inc.^(a)		1,012,896		10,554,376
Allspring Income Opportunities Fund		711,713		4,747,126
Allspring Multi-Sector Income Fund^(a)		298,077		2,795,962


	Shares		Value
Bonds/High Yield-(continued)
Barings Global Short Duration High Yield Fund^(a)		239,908	$	3,409,093
BlackRock Corporate High Yield Fund, Inc.		1,458,675		14,149,148
BlackRock Debt Strategies Fund, Inc. ^(a)		465,241		5,136,261
BlackRock Floating Rate Income Strategies Fund, Inc.^(a)		400,784		5,126,027
BlackRock Floating Rate Income Trust^(a)		254,457		3,272,317
BNY Mellon High Yield Strategies Fund		905,701		2,119,340
Credit Suisse Asset Management Income Fund, Inc.		497,512		1,487,561
Credit Suisse High Yield Bond Fund		1,224,209		2,387,208
Eaton Vance Floating-Rate Income Trust^(a)		294,471		3,887,017
Eaton Vance Senior Floating-Rate Trust^(a)		322,278		4,183,168
First Trust High Income Long/Short Fund^(a)		391,473		4,636,998
First Trust Senior Floating Rate Income Fund II^(a)		312,774		3,199,678
High Income Securities Fund^(a)		213,469		1,445,185
Highland Opportunities and Income Fund		1,130,994		7,147,882
Morgan Stanley Emerging Markets Debt Fund, Inc.^(a)		238,661		1,713,586
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.^(a)		800,613		3,746,869
Neuberger Berman High Yield Strategies Fund, Inc.^(a)		274,816		2,223,261
New America High Income Fund, Inc. (The)^(a)		212,156		1,542,374
Nuveen NASDAQ 100 Dynamic Overwrite Fund		510,949		12,237,229
PGIM Global High Yield Fund, Inc.^(a)		484,546		5,640,116
PGIM High Yield Bond Fund, Inc.^(a)		395,386		5,108,387
PGIM Short Duration High Yield Opportunities Fund^(a)		304,727		4,631,850
PIMCO High Income Fund^(a)		1,043,297		5,164,320
Pioneer High Income Fund, Inc.		335,437		2,492,297
Templeton Emerging Markets Income Fund^(a)		571,759		3,007,452
Western Asset Emerging Markets Debt Fund, Inc.^(a)		704,693		6,433,847
Western Asset Global High Income Fund, Inc.^(a)		246,954		1,748,434
Western Asset High Income Fund II, Inc.^(a)		588,304		2,629,719
Western Asset High Income Opportunity Fund, Inc.^(a)		1,124,959		4,398,590

				142,402,678

Domestic Equity-3.10%
John Hancock Tax-Advantaged Dividend Income Fund^(a)		430,940		8,321,451
Virtus Dividend, Interest & Premium Strategy Fund^(a)		1,203,489		14,790,880

				23,112,331

Equities-6.70%
BlackRock Health Sciences Term Trust^(a)		1,359,443		22,172,515
BlackRock Innovation and Growth Term Trust^(a)		2,861,844		22,923,371
BlackRock Utilities, Infrastructure & Power Opportunities Trust		231,238		4,828,249

				49,924,135

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Fixed Income-5.29%
Barings Corporate Investors^(a)		183,902	$	3,453,680
BlackRock ESG Capital Allocation Term Trust^(a)		1,204,709		20,624,618
BlackRock Income Trust, Inc.^(a)		218,606		2,594,853
Nuveen Variable Rate Preferred & Income Fund		305,801		5,354,575
PIMCO Corporate & Income Strategy Fund^(a)		276,027		3,709,803
Saba Capital Income & Opportunities Fund		499,006		3,647,734

				39,385,263

Option Income-32.13%
BlackRock Energy and Resources Trust^(a)		334,240		4,107,810
BlackRock Enhanced Capital and Income Fund, Inc.^(a)		452,686		8,786,635
BlackRock Enhanced Equity Dividend Trust		2,200,549		17,648,403
BlackRock Enhanced Global Dividend Trust		764,928		7,809,915
BlackRock Enhanced International Dividend Trust		1,239,693		6,619,961
BlackRock Health Sciences Trust^(a)		157,857		6,633,151
BlackRock Resources & Commodities Strategy Trust		1,049,945		8,725,043
BlackRock Science & Technology Term Trust^(a)		1,021,099		19,053,707
BlackRock Science & Technology Trust^(a)		258,110		9,495,867
Columbia Seligman Premium Technology Growth Fund, Inc.^(a)		89,213		2,946,705
Eaton Vance Enhanced Equity Income Fund^(a)		418,282		7,533,259
Eaton Vance Enhanced Equity Income Fund II^(a)		545,421		10,930,237
Eaton Vance Risk-Managed Diversified Equity Income Fund		776,363		6,467,104
Eaton Vance Tax-Managed Buy-Write Income Fund^(a)		339,590		4,577,673
Eaton Vance Tax-Managed Buy-Write Opportunities Fund^(a)		1,213,814		15,731,029
Eaton Vance Tax-Managed Diversified Equity Income Fund^(a)		1,639,316		21,360,288
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund^(a)		1,338,515		10,721,505


	Shares		Value
Option Income-(continued)
Eaton Vance Tax-Managed Global Diversified Equity Income Fund^(a)		3,699,798	$	29,302,400
First Trust Enhanced Equity Income Fund^(a)		208,354		3,900,387
John Hancock Hedged Equity & Income Fund		152,291		1,556,414
Madison Covered Call & Equity Strategy Fund^(a)		154,319		1,115,726
Nuveen Dow 30^sm Dynamic Overwrite Fund^(a)		446,056		6,472,273
Nuveen S&P 500 Buy-Write Income Fund^(a)		1,217,346		16,068,967
Nuveen S&P 500 Dynamic Overwrite Fund^(a)		209,440		3,242,131
Voya Global Advantage and Premium Opportunity Fund^(a)		185,975		1,593,806
Voya Global Equity Dividend and Premium Opportunity Fund^(a)		982,778		5,012,168
Voya Infrastructure Industrials and Materials Fund		188,404		1,891,576

				239,304,140

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $760,944,502)				743,963,362


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.86%
Invesco Private Government Fund, 5.29%^(b)(c)(d)		3,881,307		3,881,307
Invesco Private Prime Fund, 5.49%^(b)(c)(d)		9,981,489		9,986,480

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,868,898)				13,867,787

TOTAL INVESTMENTS IN SECURITIES-101.75% (Cost $774,813,400)				757,831,149
OTHER ASSETS LESS LIABILITIES-(1.75)%				(13,049,463	)

NET ASSETS-100.00%			$	744,781,686

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at February 29, 2024.

^(b)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value February 29, 2024			Dividend Income
Invesco Bond Fund		$	1,512,275	$	455,101	$	(211,099	)	$	174,219	$	(49,524	)		$	1,880,972	$	51,656
Invesco Senior Income Trust			6,565,748		642,376		(1,382,553	)		356,685		25,472				6,207,728		396,353

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-		12,582,581		(12,582,581	)		-		-				-		7,223

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	5,215,197	$	33,775,394	$	(35,109,284	)	$	—		$	—			$	3,881,307	$	141,353	*
Invesco Private Prime Fund			13,410,509		80,130,364		(83,560,640	)		(887	)		7,134				9,986,480		383,391	*

Total		$	26,703,729	$	127,585,816	$	(132,846,157	)	$	530,017		$	(16,918	)		$	21,956,487	$	979,976

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

^(c)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(d)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Asset Class Breakdown* (% of the Fund’s Net Assets) as of February 29, 2024

Bonds			33.55

Option Income			32.13

Bonds/High Yield			19.12

Equities			6.70

Fixed Income			5.29

Domestic Equity			3.10

Money Market Funds Plus Other Assets Less Liabilities			0.11

*	Reflects exposure achieved through investments in underlying funds.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)

February 29, 2024

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.87%
U.S. Treasury Bonds-81.59%
7.63%, 02/15/2025	$	23,896,400	$	24,573,353
6.00%, 02/15/2026		24,000,000		24,643,125
6.63%, 02/15/2027^(a)		23,170,600		24,626,003
5.25%, 02/15/2029		23,593,800		24,649,991
5.38%, 02/15/2031		23,007,100		24,646,356
4.50%, 02/15/2036^(a)		35,814,400		37,084,692
4.75%, 02/15/2037		23,385,600		24,716,569
4.38%, 02/15/2038		24,422,700		24,717,490
3.50%, 02/15/2039		27,178,400		24,736,591
4.63%, 02/15/2040		24,061,400		24,726,848
4.75%, 02/15/2041		23,830,300		24,724,402
3.13%, 02/15/2042		29,833,000		24,752,067
3.13%, 02/15/2043		30,159,400		24,761,339
3.63%, 02/15/2044		28,147,900		24,754,209
2.50%, 02/15/2045		34,163,600		24,776,617
2.50%, 02/15/2046		34,522,700		24,788,917
3.00%, 02/15/2047		31,710,300		24,782,343
3.00%, 02/15/2048		31,882,300		24,784,752
3.00%, 02/15/2049		31,993,800		24,800,194
2.00%, 02/15/2050		39,858,100		24,828,794
1.88%, 02/15/2051		41,472,300		24,838,020
2.25%, 02/15/2052		37,951,100		24,835,733
3.63%, 02/15/2053		28,358,700		24,800,569
4.25%, 02/15/2054		25,270,000		24,802,110

				606,151,084

U.S. Treasury Notes-18.28%
2.75%, 02/15/2028		26,159,500		24,669,635
1.50%, 02/15/2030		28,854,600		24,690,971
1.88%, 02/15/2032		29,406,100		24,698,827
3.50%, 02/15/2033		26,165,700		24,686,725
4.00%, 02/15/2034		37,765,000		37,030,353

				135,776,511

Total U.S. Treasury Securities (Cost $842,328,593)				741,927,595


	Shares		Value
Money Market Funds-5.39%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(b)(c)(Cost $40,064,268)		40,064,268	$	40,064,268

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-105.26% (Cost $882,392,861)				781,991,863

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.77%
Invesco Private Government Fund, 5.29%^(b)(c)(d)		7,955,789		7,955,789
Invesco Private Prime Fund, 5.49%^(b)(c)(d)		20,064,698		20,074,730
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,031,748)				28,030,519

TOTAL INVESTMENTS IN SECURITIES-109.03% (Cost $910,424,609)				810,022,382
OTHER ASSETS LESS LIABILITIES-(9.03)%				(67,115,600	)

NET ASSETS-100.00%			$	742,906,782

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at February 29, 2024.

^(b)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	12,918,811	$	53,610,520	$	(26,465,063	)		$	-		$	-		$	40,064,268	$	95,244

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-	$	435,503,251	$	(427,547,462	)		$	-			$	-		$	7,955,789	$	193,139	*
Invesco Private Prime Fund			-		483,020,959		(462,955,729	)			(1,229	)			10,729			20,074,730		274,290	*

Total		$	12,918,811	$	972,134,730	$	(916,968,254	)		$	(1,229	)		$	10,729		$	68,094,787	$	562,673

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

^(c)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(d)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Maturing in 0-5 Years			16.58

Maturing in 6-10 Years			18.28

Maturing in 11-15 Years			14.98

Maturing in 16-20 Years			16.65

Maturing in 21-25 Years			16.68

Maturing in 26-30 Years			16.70

Money Market Funds Plus Other Assets Less Liabilities			0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Invesco Floating Rate Municipal Income ETF (PVI)

February 29, 2024

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-94.73%
California-16.39%
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)		2.40%		05/29/2024	$	1,500	$	1,500,000
California (State of), Series 2003 C-4, VRD GO Bonds, (LOC - U.S. Bank N.A.)^(a)(b)		2.25%		05/01/2033		2,000		2,000,000
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC - Bank of the West)^(a)(b)		2.40%		09/01/2033		1,000		1,000,000
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)^(a)(b)		2.55%		04/01/2039		1,800		1,800,000

								6,300,000

Connecticut-3.12%
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB^(a)		3.11%		11/15/2050		1,200		1,200,000

District of Columbia-2.73%
District of Columbia (Tranche 3), Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)^(a)(b)		3.29%		08/15/2038		1,050		1,050,000

Florida-13.01%
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)^(a)(b)		3.30%		09/01/2035		1,300		1,300,000
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(a)(b)		3.20%		06/01/2048		500		500,000
JEA Electric System, Series 2008 3C-2, VRD RB^(a)		3.25%		10/01/2034		500		500,000
Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB^(a)		3.74%		10/01/2039		1,200		1,200,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)^(a)(c)		3.38%		10/01/2038		1,500		1,500,000

								5,000,000

Louisiana-5.21%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(a)(b)		3.25%		09/01/2033		2,000		2,000,000

Minnesota-7.03%
Hennepin (County of), MN, Series 2018 B, Ref. VRD GO Bonds^(a)		3.30%		12/01/2038		1,200		1,200,000
Rochester (City of), MN (Mayo Clinic), Series 2008 B, VRD RB^(a)		3.40%		11/15/2038		1,500		1,500,000

								2,700,000

Missouri-0.78%
Kansas City (City of), MO (H Roe Bartle Convention Center), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)		3.39%		04/15/2025		300		300,000

Nevada-2.73%
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, (LOC -Bank of America,N.A.)^(a)(b)		3.35%		07/01/2029		1,050		1,050,000

New York-19.77%
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB^(a)		3.30%		11/01/2038		800		800,000
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD RB, (LOC - TD Bank, N.A.)^(a)(b)		3.51%		11/01/2026		1,200		1,200,000
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds^(a)		3.10%		08/01/2044		1,000		1,000,000
New York (City of), NY Transitional Finance Authority, Series 2012 C-4, VRD RB^(a)		3.10%		11/01/2036		1,200		1,200,000
New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB^(a)		3.20%		07/01/2039		1,200		1,200,000
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010 A, VRD RB, (LOC - Helaba)^(a)(b)		3.32%		11/01/2044		1,000		1,000,000
New York City Housing Development Corp., Series 2006 A, VRD RB, (LOC - Fannie Mae)^(a)(b)		3.30%		10/15/2041		1,200		1,200,000

								7,600,000

North Carolina-5.21%
Raleigh & Durham (Cities of), NC Airport Authority, Series 2008 C, Ref. VRD RB, (LOC - TD Bank N.A.)^(a)(b)		3.26%		05/01/2036		2,000		2,000,000

Ohio-3.12%
Franklin (County of), OH (Nationwide Children’s Hospital), Series 2013 B, VRD RB^(a)		3.21%		05/01/2029		1,200		1,200,000

Pennsylvania-3.64%
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGM)^(a)(c)		3.35%		12/01/2028		1,400		1,400,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Invesco Floating Rate Municipal Income ETF (PVI)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-3.15%
Texas (State of), Series 2015 B, VRD GO Bonds^(a)		3.25%		06/01/2046	$	1,210	$	1,210,000

Washington-5.20%
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB^(a)		3.20%		07/01/2032		2,000		2,000,000

Wisconsin-3.64%
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(a)(b)		3.20%		08/15/2034		200		200,000
Wisconsin (State of) Housing & Economic Development Authority, Series 2015 C, VRD RB^(a)		3.30%		03/01/2031		1,200		1,200,000

								1,400,000

TOTAL INVESTMENTS IN SECURITIES^(d)-94.73% (Cost $36,410,000)								36,410,000
OTHER ASSETS LESS LIABILITIES-5.27%								2,025,849

NET ASSETS-100.00%							$	38,435,849


Investment Abbreviations:
AGC		-Assured Guaranty Corp.
AGM		-Assured Guaranty Municipal Corp.
GO		-General Obligation
INS		-Insurer
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
VRD		-Variable Rate Demand

Notes to Schedule of Investments:

^(a)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 29, 2024.

^(b)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

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

^(d)

This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.


Entities	Percentage
TD Bank, N.A.		12.4	%
JPMorgan Chase Bank, N.A.		7.4	%
U.S. Bank N.A.		5.5	%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Invesco Floating Rate Municipal Income ETF (PVI)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Income Tax Revenue			20.43

Port, Airport & Marina Revenue			13.14

Water Revenue			12.49

Local or GTD Housing			9.89

Miscellaneous Revenue			8.87

Lease Revenue			7.29

Health, Hospital, Nursing Home Revenue			5.20

Highway Tolls Revenue			3.90

College & University Revenue			3.12

Transit Revenue			3.12

Revenue Types Each Less Than 3%			7.28

Other Assets Less Liabilities			5.27

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.70%
Aerospace & Defense-2.65%
Hexcel Corp., 4.20%, 02/15/2027	$	3,158,000	$	3,010,750
Howmet Aerospace, Inc., 3.00%, 01/15/2029^(b)		5,955,000		5,346,667
TransDigm, Inc., 5.50%, 11/15/2027		9,954,000		9,621,374

				17,978,791

Air Freight & Logistics-0.73%
GXO Logistics, Inc.
1.65%, 07/15/2026		2,701,000		2,465,714
2.65%, 07/15/2031^(b)		3,045,000		2,477,291

				4,943,005

Automobile Components-3.81%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029^(b)		5,546,000		4,814,188
Dana, Inc.
5.63%, 06/15/2028^(b)		2,667,000		2,584,876
4.25%, 09/01/2030^(b)		2,965,000		2,560,256
Goodyear Tire & Rubber Co. (The) 5.00%,05/31/2026^(b)		3,653,000		3,561,148
5.00%, 07/15/2029^(b)		4,022,000		3,706,519
United Rentals (North America), Inc.
4.88%, 01/15/2028^(b)		4,452,000		4,302,014
3.88%, 02/15/2031^(b)		4,954,000		4,382,630

				25,911,631

Automobiles-3.46%
Ford Motor Co., 3.25%, 02/12/2032^(b)		14,564,000		11,952,006
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025		12,017,000		11,534,355

				23,486,361

Broadline Retail-4.57%
Kohl’s Corp.
4.25%, 07/17/2025^(b)		4,383,000		4,263,410
4.63%, 05/01/2031^(b)		6,169,000		4,865,429
Nordstrom, Inc.
4.00%, 03/15/2027^(b)		3,890,000		3,650,551
4.38%, 04/01/2030^(b)		4,216,000		3,729,895
QVC, Inc.
4.38%, 09/01/2028		8,868,000		7,283,209
5.45%, 08/15/2034		10,199,000		7,285,911

				31,078,405

Building Products-0.41%
Griffon Corp., 5.75%, 03/01/2028^(b)		2,842,000		2,752,463

Chemicals-2.27%
Chemours Co. (The), 5.38%, 05/15/2027^(b)		5,613,000		5,133,705
Olin Corp., 5.63%, 08/01/2029^(b)		5,643,000		5,526,387
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031^(b)		5,608,000		4,762,370

				15,422,462

Commercial Services & Supplies-1.50%
CoreCivic, Inc., 8.25%, 04/15/2026^(b)		3,556,000		3,636,828


	Principal Amount		Value
Commercial Services & Supplies-(continued)
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026	$	3,196,000	$	3,070,676
Steelcase, Inc., 5.13%, 01/18/2029		3,728,000		3,513,982

				10,221,486

Construction & Engineering-1.88%
AECOM, 5.13%, 03/15/2027		7,166,000		7,027,455
Fluor Corp., 4.25%, 09/15/2028^(b)		6,059,000		5,733,783

				12,761,238

Consumer Finance-6.76%
Ally Financial, Inc.
5.75%, 11/20/2025^(b)		5,930,000		5,902,528
6.70%, 02/14/2033^(b)		6,366,000		6,277,334
Navient Corp.
5.00%, 03/15/2027^(b)		3,758,000		3,567,162
5.50%, 03/15/2029^(b)		4,191,000		3,798,085
OneMain Finance Corp.
7.13%, 03/15/2026^(b)		3,644,000		3,706,010
4.00%, 09/15/2030^(b)		4,635,000		3,910,695
SLM Corp., 4.20%, 10/29/2025^(b)		5,348,000		5,191,090
Synchrony Financial, 7.25%, 02/02/2033		13,998,000		13,617,721

				45,970,625

Consumer Staples Distribution & Retail-2.93%
Walgreens Boots Alliance, Inc.
3.45%, 06/01/2026^(b)		10,540,000		10,057,099
3.20%, 04/15/2030^(b)		11,404,000		9,854,439

				19,911,538

Containers & Packaging-3.17%
Ball Corp.
5.25%, 0 7/01/2025^(b)		3,486,000		3,487,641
2.88%, 08/15/2030^(b)		4,302,000		3,646,219
Berry Global, Inc., 1.57%, 01/15/2026^(b)		7,650,000		7,126,983
Crown Americas LLC, 5.25%, 04/01/2030^(b)		3,133,000		3,020,776
Silgan Holdings, Inc., 4.13%, 02/01/2028^(b)		4,582,000		4,282,512

				21,564,131

Diversified Consumer Services-0.76%
Service Corp. International, 5.13%, 06/01/2029^(b)		5,306,000		5,190,860

Diversified REITs-1.87%
Hudson Pacific Properties L.P.
3.95%, 11/01/2027^(b)		2,495,000		2,157,411
3.25%, 01/15/2030		2,952,000		2,219,826
VICI Properties L.P.
4.75%, 02/15/2028^(b)		2,544,000		2,466,123
5.13%, 05/15/2032		2,586,000		2,429,206
Vornado Realty L.P., 3.40%, 06/01/2031^(b)		4,462,000		3,465,826

				12,738,392

Electric Utilities-5.09%
DPL, Inc., 4.13%, 07/01/2025^(b)		9,097,000		8,855,785

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Electric Utilities-(continued)
FirstEnergy Corp.
Series B, 4.15%, 07/15/2027	$	5,238,000	$	4,980,361
Series C, 7.38%, 11/15/2031^(b)		4,395,000		5,105,891
NRG Energy, Inc., 6.63%, 01/15/2027		7,159,000		7,167,214
PG&E Corp., 5.25%, 07/01/2030^(b)		8,995,000		8,465,133

				34,574,384

Electrical Equipment-0.63%
Regal Rexnord Corp.
6.05%, 02/15/2026^(c)		2,086,000		2,095,421
6.40%, 04/15/2033^(b)(c)		2,110,000		2,167,671

				4,263,092

Electronic Equipment, Instruments & Components-1.69%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/2026^(b)		4,034,000		3,740,567
3.57%, 12/01/2031		4,274,000		3,713,380
Vontier Corp.
1.80%, 04/01/2026		2,202,000		2,031,727
2.95%, 04/01/2031		2,391,000		1,969,330

				11,455,004

Financial Services-0.50%
Radian Group, Inc., 4.50%, 10/01/2024		420		416
Vornado Realty L.P., 2.15%, 06/01/2026^(b)		3,784,000		3,397,487

				3,397,903

Food Products-0.97%
Pilgrim’s Pride Corp., 3.50%, 03/01/2032		7,920,000		6,623,932

Gas Utilities-0.97%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		6,814,000		6,609,440

Health Care Equipment & Supplies-0.57%
Teleflex, Inc., 4.63%, 11/15/2027		4,018,000		3,840,967

Health Care Providers & Services-4.31%
Centene Corp.
2.45%, 07/15/2028		8,969,000		7,912,711
4.63%, 12/15/2029^(b)		8,245,000		7,810,530
Encompass Health Corp., 4.75%, 02/01/2030^(b)		4,731,000		4,392,258
Tenet Healthcare Corp.
4.88%, 01/01/2026		4,610,000		4,608,116
6.13%, 06/15/2030		4,621,000		4,582,230

				29,305,845

Health Care REITs-1.34%
MPT Operating Partnership L.P./MPT Finance Corp.
5.00%, 10/15/2027		3,181,000		2,606,647
3.50%,03/15/2031^(b)		3,994,000		2,677,711
Sabra Health Care L.P.
5.13%, 08/15/2026		1,939,000		1,904,606
3.20%, 12/01/2031^(b)		2,398,000		1,945,972

				9,134,936

Hotel & Resort REITs-1.22%
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		3,434,000		3,282,544


	Principal Amount		Value
Hotel & Resort REITs-(continued)
Service Properties Trust
5.50%, 12/15/2027^(b)	$	2,756,000	$	2,597,708
4.95%, 10/01/2029^(b)		2,943,000		2,424,534

				8,304,786

Hotels, Restaurants & Leisure-6.99%
Churchill Downs, Inc., 5.50%, 04/01/2027^(c)		2,574,000		2,530,018
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030^(b)		6,170,000		5,870,943
Las Vegas Sands Corp.
3.20%, 08/08/2024		5,665,000		5,598,295
3.90%, 08/08/2029		6,153,000		5,568,619
MGM Resorts International, 4.75%, 10/15/2028^(b)		8,893,000		8,354,894
Royal Caribbean Cruises Ltd., 3.70%, 03/15/2028^(b)		8,260,000		7,630,422
Travel + Leisure Co., Series J, 6.00%, 04/01/2027^(b)		4,309,000		4,296,899
Yum! Brands, Inc., 3.63%, 03/15/2031^(b)		8,671,000		7,632,682

				47,482,772

Household Durables-3.60%
Century Communities, Inc., 6.75%, 06/01/2027^(b)		2,852,000		2,859,051
KB Home, 4.00%, 06/15/2031^(b)		4,523,000		3,932,052
M/I Homes, Inc., 4.95%, 02/01/2028		3,524,000		3,358,460
MDC Holdings, Inc., 2.50%, 01/15/2031		5,016,000		4,240,380
Newell Brands, Inc.
5.20%, 04/01/2026^(b)		3,283,000		3,191,409
6.63%, 09/15/2029^(b)		3,214,000		3,082,521
Tri Pointe Homes, Inc., 5.70%, 06/15/2028^(b)		3,862,000		3,801,560

				24,465,433

IT Services-0.45%
Twilio, Inc., 3.63%, 03/15/2029		3,416,000		3,044,442

Machinery-1.05%
Hillenbrand, Inc.
5.00%, 09/15/2026		1,670,000		1,635,423
3.75%, 03/01/2031^(b)		1,923,000		1,641,415
Trinity Industries, Inc., 4.55%, 10/01/2024		3,924,000		3,873,009

				7,149,847

Media-3.59%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030^(b)(c)		11,234,000		9,567,099
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		9,632,000		9,501,302
Lamar Media Corp.
3.75%, 02/15/2028^(b)		2,882,000		2,675,620
3.63%, 01/15/2031^(b)		3,042,000		2,629,018

				24,373,039

Metals & Mining-4.27%
ATI, Inc.
5.88%, 12/01/2027^(b)		1,660,000		1,627,871
5.13%, 10/01/2031		1,772,000		1,623,923

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		23

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Metals & Mining-(continued)
Carpenter Technology Corp., 6.38%, 07/15/2028^(b)	$	2,833,000	$	2,823,722
Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027		760		759
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030^(b)^(c)		5,712,000		5,677,340
Freeport-McMoRan, Inc., 4.63%, 08/01/2030^(b)		10,872,000		10,372,861
United States Steel Corp., 6.88%, 03/01/2029^(b)		6,796,000		6,881,935

				29,008,411

Mortgage REITs-1.15%
Starwood Property Trust, Inc., 4.75%, 03/15/2025^(b)		7,909,000		7,811,442

Office REITs-0.51%
Brandywine Operating Partnership L.P., 3.95%, 11/15/2027^(b)		3,929,000		3,458,206

Oil, Gas & Consumable Fuels-7.17%
Apache Corp., 4.25%, 01/15/2030^(b)		7,110,000		6,536,443
EQM Midstream Partners L.P., 5.50%, 07/15/2028		4,978,000		4,886,893
Murphy Oil Corp., 5.88%, 12/01/2027^(b)		4,611,000		4,582,546
Murphy Oil USA, Inc., 4.75%, 09/15/2029^(b)		5,676,000		5,297,753
Occidental Petroleum Corp.
5.55%, 03/15/2026^(b)		6,739,000		6,752,426
6.63%, 09/01/2030^(b)		6,463,000		6,806,961
Range Resources Corp., 4.88%, 05/15/2025^(b)		2,878,000		2,840,477
SM Energy Co., 6.50%, 07/15/2028^(b)		3,490,000		3,497,189
Southwestern Energy Co.
5.70%, 01/23/2025^(b)		2,424,000		2,412,389
5.38%, 03/15/2030^(b)		2,620,000		2,506,660
Vital Energy, Inc., 9.75%, 10/15/2030^(b)		2,464,000		2,641,405

				48,761,142

Passenger Airlines-3.50%
Delta Air Lines, Inc.
7.38%, 01/15/2026^(b)		5,718,000		5,902,834
3.75%, 10/28/2029^(b)		6,557,000		5,967,362
United Airlines Holdings, Inc., 4.88%, 01/15/2025		12,034,000		11,925,393

				23,795,589

Pharmaceuticals-0.66%
Elanco Animal Health, Inc., 6.65%, 08/28/2028^(b)		4,468,000		4,512,477

Real Estate Management & Development-0.51%
Kennedy-Wilson, Inc.
4.75%, 03/01/2029^(b)		2,134,000		1,730,749
5.00%, 03/01/2031^(b)		2,263,000		1,761,689

				3,492,438

Semiconductors & Semiconductor Equipment-2.37%
Amkor Technology, Inc., 6.63%, 09/15/2027^(b)(c)		5,005,000		5,035,991
Qorvo, Inc., 4.38%, 10/15/2029^(b)		5,331,000		4,963,978


	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Skyworks Solutions, Inc.
1.80%, 06/01/2026	$	3,375,000	$	3,112,753
3.00%,06/01/2031^(b)		3,608,000		3,028,865

				16,141,587

Software-0.26%
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029		1,971,000		1,741,076

Specialized REITs-1.43%
GLP Capital L.P./GLP Financing II, Inc.
5.30%, 01/15/2029		2,628,000		2,551,960
3.25%, 01/15/2032^(b)		3,099,000		2,573,869
SBA Communications Corp., 3.88%, 02/15/2027^(b)		4,888,000		4,616,876

				9,742,705

Specialty Retail-3.83%
Advance Auto Parts, Inc.
1.75%, 10/01/2027		3,420,000		2,956,721
3.90%, 04/15/2030^(b)		3,348,000		2,992,325
Asbury Automotive Group, Inc., 4.75%, 03/01/2030^(b)		5,836,000		5,317,207
Bath & Body Works, Inc., 5.25%, 02/01/2028		7,244,000		7,040,107
Penske Automotive Group, Inc., 3.75%, 06/15/2029		8,681,000		7,697,203

				26,003,563

Technology Hardware, Storage & Peripherals-2.70%
Seagate HDD Cayman
4.75%, 01/01/2025^(b)		4,296,000		4,238,510
9.63%, 12/01/2032^(b)		3,711,168		4,197,331
Western Digital Corp.
4.75%, 02/15/2026^(b)		4,970,000		4,862,074
3.10%, 02/01/2032^(b)		6,477,000		5,077,423

				18,375,338

Textiles, Apparel & Luxury Goods-0.60%
Under Armour, Inc., 3.25%, 06/15/2026^(b)		4,359,000		4,108,508

Total U.S. Dollar Denominated Bonds & Notes (Cost $688,688,041)				670,909,692


	Shares
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e) (Cost $282,463)		282,463		282,463

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.74% (Cost $688,970,504)				671,192,155


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.00%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		60,431,416		60,431,416

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		157,035,347	$	157,113,865

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $217,535,628)				217,545,281

TOTAL INVESTMENTS IN SECURITIES-130.74% (Cost $906,506,132)				888,737,436
OTHER ASSETS LESS LIABILITIES-(30.74)%				(208,969,420	)

NET ASSETS-100.00%			$	679,768,016

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(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 February 29, 2024 was $27,073,540, which represented 3.98% of the Fund’s Net Assets.

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	7,839,414	$	34,447,143	$	(42,004,094	)		$ -		$	-		$ 282,463	$	55,968

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			48,562,324		100,555,013		(88,685,921	)		-			-		60,431,416		1,349,775	*

Invesco Private Prime Fund			124,868,654		186,035,265		(153,852,151	)		8,327			53,770		157,113,865		3,626,294	*


Total		$	181,270,392	$	321,037,421	$	(284,542,166	)		$8,327		$	53,770		$217,827,744	$	5,032,037

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		25

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Consumer Discretionary			27.62

Industrials			12.35

Materials			9.71

Financials			8.41

Information Technology			7.47

Energy			7.17

Real Estate			6.88

Utilities			6.06

Health Care			5.54

Consumer Staples			3.90

Communication Services			3.59

Money Market Funds Plus Other Assets Less Liabilities			1.30

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.34%
Aerospace & Defense-2.00%
Boeing Co. (The)
4.88%, 05/01/2025	$	95,000	$	94,146
5.15%, 05/01/2030		80,000		78,728
General Dynamics Corp.
3.75%, 05/15/2028		71,000		68,430
3.63%, 04/01/2030		70,000		65,424
Huntington Ingalls Industries, Inc.
3.48%, 12/01/2027		20,000		18,752
4.20%, 05/01/2030		40,000		37,678
L3Harris Technologies, Inc.
4.40%, 06/15/2028		38,000		36,962
1.80%, 01/15/2031		50,000		40,263
Lockheed Martin Corp.
3.55%, 01/15/2026		77,000		75,064
3.90%, 06/15/2032		90,000		83,588
Northrop Grumman Corp.
3.25%, 01/15/2028		76,000		71,312
4.40%, 05/01/2030		60,000		57,847
RTX Corp.
4.13%, 11/16/2028		89,000		85,461
6.10%, 03/15/2034		70,000		73,948
Textron, Inc., 3.00%, 06/01/2030		75,000		65,831

				953,434

Air Freight & Logistics-0.97%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028		85,000		82,057
FedEx Corp.
3.25%, 04/01/2026		80,000		77,158
3.10%, 08/05/2029		88,000		79,916
United Parcel Service, Inc.
3.05%, 11/15/2027		114,000		107,255
4.45%, 04/01/2030		120,000		118,194

				464,580

Automobile Components-0.28%
BorgWarner, Inc., 2.65%, 07/01/2027		60,000		55,433
Lear Corp., 3.80%, 09/15/2027		80,000		76,623

				132,056

Automobiles-0.50%
General Motors Co., 6.13%, 10/01/2025		120,000		121,012
PACCAR Financial Corp., 3.55%, 08/11/2025		120,000		117,553

				238,565

Banks-6.41%
Bank of America Corp., 3.25%, 10/21/2027^(b)		445,000		420,766
Citigroup, Inc.
4.45%, 09/29/2027		205,000		198,645
6.63%, 06/15/2032		180,000		191,723
Citizens Bank N.A., 3.75%, 02/18/2026		70,000		67,107
Citizens Financial Group, Inc., 3.25%, 04/30/2030		65,000		56,280
Comerica, Inc., 4.00%, 02/01/2029		83,000		74,672
Fifth Third Bancorp, 2.55%, 05/05/2027		130,000		119,428


	Principal Amount		Value
Banks-(continued)
Huntington Bancshares, Inc.
2.63%, 08/06/2024	$	50,000	$	49,372
2.55%, 02/04/2030		67,000		56,562
JPMorgan Chase & Co., 2.95%, 10/01/2026^(b)		516,000		490,669
KeyBank N.A., 4.15%, 08/08/2025		50,000		48,437
KeyCorp, 2.55%, 10/01/2029		80,000		66,953
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026		120,000		116,910
PNC Bank N.A., 4.05%, 07/26/2028		100,000		94,617
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030		105,000		90,240
Regions Financial Corp., 1.80%, 08/12/2028		130,000		110,667
Truist Bank, 3.63%, 09/16/2025		126,000		122,321
Truist Financial Corp., 1.95%, 06/05/2030		110,000		90,097
U.S. Bancorp
1.38%, 07/22/2030		130,000		102,998
Series V, 2.38%, 07/22/2026		131,000		122,821
Wells Fargo & Co., 4.15%, 01/24/2029^(b)		390,000		373,548

				3,064,833

Beverages-1.52%
Coca-Cola Co. (The)
1.45%, 06/01/2027		140,000		126,772
2.25%, 01/05/2032^(b)		130,000		109,574
Constellation Brands, Inc.
4.35%, 05/09/2027		40,000		39,138
2.25%, 08/01/2031		40,000		32,659
Keurig Dr Pepper, Inc.
4.60%, 05/25/2028		46,000		45,399
4.05%, 04/15/2032		60,000		55,756
Molson Coors Beverage Co., 3.00%, 07/15/2026		98,000		93,377
PepsiCo, Inc.
3.00%, 10/15/2027		124,000		116,958
2.75%, 03/19/2030		120,000		107,222

				726,855

Biotechnology-1.78%
AbbVie, Inc.
2.60%, 11/21/2024		120,000		117,538
3.20%, 11/21/2029		134,000		122,646
Amgen, Inc.
5.15%, 03/02/2028		100,000		100,236
5.25%, 03/02/2033		100,000		99,761
Biogen, Inc.
4.05%, 09/15/2025		61,000		59,806
2.25%, 05/01/2030		70,000		58,607
Gilead Sciences, Inc.
3.65%, 03/01/2026		98,000		95,178
1.65%, 10/01/2030		135,000		110,277
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		105,000		84,964

				849,013

Broadline Retail-1.01%
Amazon.com, Inc.
3.15%, 08/22/2027^(b)		215,000		204,200
2.10%, 05/12/2031		225,000		189,112

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		27

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Broadline Retail-(continued)
eBay, Inc.
3.60%, 06/05/2027	$	50,000	$	47,827
2.70%, 03/11/2030		50,000		43,715

				484,854

Building Products-0.88%
Carlisle Cos., Inc.
3.75%, 12/01/2027		10,000		9,511
2.75%, 03/01/2030		40,000		34,795
Carrier Global Corp.
2.24%, 02/15/2025		50,000		48,459
2.72%, 02/15/2030		60,000		52,570
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029		63,000		57,042
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030		140,000		114,470
Lennox International, Inc., 5.50%, 09/15/2028.		40,000		40,392
Masco Corp.
1.50%, 02/15/2028		45,000		39,134
2.00%, 02/15/2031		30,000		24,381

				420,754

Capital Markets-4.09%
Ameriprise Financial, Inc.
2.88%, 09/15/2026		90,000		85,448
4.50%, 05/13/2032		50,000		48,083
Bank of New York Mellon Corp. (The)
3.85%, 04/28/2028		94,000		90,805
3.30%, 08/23/2029		90,000		82,624
BlackRock, Inc.
3.20%, 03/15/2027		90,000		86,137
1.90%, 01/28/2031		110,000		91,028
Charles Schwab Corp. (The)
2.00%, 03/20/2028		100,000		88,755
2.90%, 03/03/2032		125,000		106,084
CME Group, Inc.
3.00%, 03/15/2025		86,000		84,052
2.65%, 03/15/2032		85,000		72,952
Franklin Resources, Inc., 1.60%, 10/30/2030		110,000		88,878
Goldman Sachs Group, Inc. (The)
3.50%, 04/01/2025		140,000		137,137
3.80%, 03/15/2030		160,000		148,837
Jefferies Financial Group, Inc.
4.85%, 01/15/2027		30,000		29,806
4.15%, 01/23/2030		25,000		23,274
Morgan Stanley, 3.63%, 01/20/2027^(b)		287,000		276,798
Nasdaq, Inc.
3.85%, 06/30/2026		40,000		38,857
1.65%, 01/15/2031		30,000		23,902
Northern Trust Corp.
4.00%, 05/10/2027		60,000		58,310
1.95%, 05/01/2030		75,000		63,458
Raymond James Financial, Inc., 4.65%, 04/01/2030		85,000		84,095
State Street Corp.
3.55%, 08/18/2025		71,000		69,588
2.40%, 01/24/2030		85,000		74,343

				1,953,251


	Principal Amount		Value
Chemicals-3.10%
Air Products and Chemicals, Inc.
1.50%, 10/15/2025	$	70,000	$	66,204
2.05%, 05/15/2030		69,000		58,736
Albemarle Corp.
4.65%, 06/01/2027		30,000		29,477
5.05%, 06/01/2032		30,000		28,505
Celanese US Holdings LLC
6.17%, 07/15/2027		30,000		30,467
6.38%, 07/15/2032		40,000		41,006
CF Industries, Inc., 5.15%, 03/15/2034		70,000		67,772
Dow Chemical Co. (The)
4.80%, 11/30/2028		90,000		89,403
2.10%, 11/15/2030		80,000		66,844
DuPont de Nemours, Inc., 4.73%, 11/15/2028^(b)		105,000		104,489
Eastman Chemical Co.
4.50%, 12/01/2028		30,000		29,133
5.75%, 03/08/2033		30,000		30,218
Ecolab, Inc.
2.70%, 11/01/2026		50,000		47,477
4.80%, 03/24/2030		45,000		44,997
EIDP, Inc.
1.70%, 07/15/2025		20,000		19,011
2.30%, 07/15/2030		65,000		55,639
FMC Corp.
3.20%, 10/01/2026		23,000		21,561
3.45%, 10/01/2029		22,000		19,571
Huntsman International LLC, 4.50%, 05/01/2029		50,000		47,531
Linde, Inc.
3.20%, 01/30/2026		76,000		73,704
1.10%, 08/10/2030		95,000		76,126
LYB International Finance III LLC, 2.25%, 10/01/2030		80,000		66,667
LyondellBasell Industries N.V., 5.75%, 04/15/2024		71,000		70,997
Mosaic Co. (The)
4.05%, 11/15/2027		30,000		28,835
5.45%, 11/15/2033		20,000		19,789
PPG Industries, Inc., 3.75%, 03/15/2028		96,000		92,034
Sherwin-Williams Co. (The)
3.45%, 06/01/2027		38,000		36,207
2.95%, 08/15/2029		50,000		44,963
Westlake Corp., 3.60%, 08/15/2026		79,000		76,038

				1,483,401

Commercial Services & Supplies-0.53%
Cintas Corp. No.
2 3.70%, 04/01/2027		28,000		27,160
4.00%, 05/01/2032		25,000		23,472
Republic Services, Inc.
3.95%, 05/15/2028		39,000		37,579
1.75%, 02/15/2032		70,000		54,973
Waste Management, Inc.
3.15%, 11/15/2027		60,000		56,501
1.50%, 03/15/2031		70,000		55,706

				255,391

Communications Equipment-0.81%
Cisco Systems, Inc., 2.50%, 09/20/2026^(b)		270,000		254,869

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Communications Equipment-(continued)
Juniper Networks, Inc., 3.75%, 08/15/2029	$	53,000	$	49,209
Motorola Solutions, Inc.
4.60%, 02/23/2028		50,000		49,117
4.60%, 05/23/2029		33,000		32,083

				385,278

Construction & Engineering-0.15%
Quanta Services, Inc., 2.90%, 10/01/2030		80,000		69,382

Construction Materials-0.32%
Eagle Materials, Inc., 2.50%, 07/01/2031		30,000		24,952
Martin Marietta Materials, Inc., 2.40%, 07/15/2031		70,000		58,282
Vulcan Materials Co., 3.50%, 06/01/2030		75,000		68,354

				151,588

Consumer Finance-1.63%
Ally Financial, Inc., 2.20%, 11/02/2028		145,000		123,403
American Express Co.
2.25%, 03/04/2025		100,000		96,868
4.05%, 05/03/2029		90,000		87,133
Capital One Financial Corp., 3.80%, 01/31/2028		240,000		227,067
Discover Bank, 4.65%, 09/13/2028		80,000		76,432
Discover Financial Services, 6.70%, 11/29/2032		50,000		52,357
General Motors Financial Co., Inc., 3.10%, 01/12/2032		140,000		117,016

				780,276

Consumer Staples Distribution & Retail-2.54%
Costco Wholesale Corp.
1.38%, 06/20/2027		115,000		103,494
1.60%, 04/20/2030		120,000		100,019
Dollar General Corp.
3.88%, 04/15/2027		45,000		43,312
3.50%, 04/03/2030		60,000		54,323
Dollar Tree, Inc.
4.20%, 05/15/2028		42,000		40,530
2.65%, 12/01/2031		60,000		49,974
Kroger Co. (The)
4.50%, 01/15/2029		80,000		78,289
1.70%, 01/15/2031		100,000		79,810
Sysco Corp.
3.30%, 07/15/2026		55,000		52,802
5.95%, 04/01/2030		60,000		62,476
Target Corp.
2.25%, 04/15/2025		85,000		82,370
3.38%, 04/15/2029		90,000		84,590
Walmart, Inc.
3.90%, 09/09/2025		200,000		197,002
1.80%, 09/22/2031^(b)		225,000		184,598

				1,213,589

Containers & Packaging-0.76%
Amcor Finance (USA), Inc., 3.63%, 04/28/2026		60,000		57,786
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031		30,000		25,358


	Principal Amount		Value
Containers & Packaging-(continued)
Avery Dennison Corp.
4.88%, 12/06/2028	$	31,000	$	30,727
2.25%, 02/15/2032		30,000		24,367
Packaging Corp. of America
3.40%, 12/15/2027		40,000		37,818
3.00%, 12/15/2029		40,000		35,915
Sonoco Products Co., 3.13%, 05/01/2030		75,000		66,689
WRKCo, Inc.
4.65%, 03/15/2026		40,000		39,496
4.90%, 03/15/2029		45,000		44,621

				362,777

Distributors-0.33%
Genuine Parts Co., 1.88%, 11/01/2030		95,000		76,542
LKQ Corp.
5.75%, 06/15/2028		40,000		40,442
6.25%, 06/15/2033		40,000		41,133

				158,117

Diversified REITs-0.49%
American Assets Trust L.P., 3.38%, 02/01/2031		30,000		24,207
COPT Defense Properties L.P., 2.75%, 04/15/2031		55,000		44,429
CubeSmart L.P., 2.25%, 12/15/2028		40,000		34,831
Digital Realty Trust L.P.
3.70%, 08/15/2027		53,000		50,589
3.60%, 07/01/2029		40,000		36,882
W.P. Carey, Inc.
4.60%, 04/01/2024		19,000		18,971
2.40%, 02/01/2031		30,000		24,721

				234,630

Diversified Telecommunication Services-1.44%
AT&T, Inc.
4.35%, 03/01/2029		180,000		173,797
4.30%, 02/15/2030		176,000		167,943
Verizon Communications, Inc.
4.33%, 09/21/2028		180,000		174,785
2.36%, 03/15/2032^(b)		210,000		170,339
				686,864
Electric Utilities-4.44%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		90,000		74,560
American Electric Power Co., Inc., 3.20%, 11/13/2027		56,000		52,430
Avangrid, Inc.
3.20%, 04/15/2025		35,000		34,058
3.80%, 06/01/2029		58,000		54,155
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030^(b)		225,000		207,950
Consolidated Edison Co. of New York, Inc.
2.40%, 06/15/2031		60,000		50,549
Series D, 4.00%, 12/01/2028		50,000		48,281
Duke Energy Corp.
2.65%, 09/01/2026		96,000		90,353
2.55%, 06/15/2031		115,000		95,931
Entergy Corp., 1.90%, 06/15/2028		75,000		65,959
Entergy Louisiana LLC, 4.00%, 03/15/2033		50,000		45,561

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		29

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Electric Utilities-(continued)
Evergy, Inc.
2.45%, 09/15/2024	$	50,000	$	49,072
2.90%, 09/15/2029		30,000		26,605
Eversource Energy, 3.38%, 03/01/2032		50,000		42,980
Exelon Corp.
3.95%, 06/15/2025		70,000		68,713
4.05%, 04/15/2030		70,000		65,706
Interstate Power and Light Co., 4.10%, 09/26/2028		23,000		22,051
NextEra Energy Capital Holdings, Inc.
3.55%, 05/01/2027		85,000		80,935
2.25%, 06/01/2030		111,000		93,402
Pacific Gas and Electric Co.
3.15%, 01/01/2026		40,000		38,256
4.55%, 07/01/2030		40,000		37,578
Pinnacle West Capital Corp., 1.30%, 06/15/2025		35,000		33,234
PPL Capital Funding, Inc., 3.10%, 05/15/2026 .		60,000		57,222
PPL Electric Utilities Corp., 5.00%, 05/15/2033		45,000		44,750
Public Service Co. of Colorado, 1.88%, 06/15/2031		70,000		56,383
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		70,000		57,037
Southern California Edison Co.
5.95%, 11/01/2032		50,000		52,165
Series E, 3.70%, 08/01/2025		70,000		68,397
Southern Co.(The)
3.25%, 07/01/2026		88,000		84,188
Series A, 3.70%, 04/30/2030		110,000		101,497
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027		70,000		67,054
Wisconsin Electric Power Co., 4.75%, 09/30/2032		50,000		49,057
Wisconsin Power and Light Co., 3.95%, 09/01/2032		40,000		36,978
Xcel Energy, Inc., 4.00%, 06/15/2028		70,000		66,854

				2,119,901

Electrical Equipment-0.29%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		35,000		28,705
Emerson Electric Co.
0.88%, 10/15/2026		55,000		49,768
2.20%, 12/21/2031		70,000		58,112

				136,585

Electronic Equipment, Instruments & Components-1.85%
Amphenol Corp., 2.80%, 02/15/2030		100,000		89,131
Arrow Electronics, Inc.
3.88%, 01/12/2028		58,000		54,822
2.95%, 02/15/2032		50,000		41,815
Avnet, Inc., 4.63%, 04/15/2026		58,000		56,769
Eaton Corp.
3.10%, 09/15/2027		59,000		55,869
4.00%, 11/02/2032		55,000		51,677
Flex Ltd.
4.75%, 06/15/2025		53,000		52,389
4.88%, 06/15/2029		40,000		38,922


	Principal Amount		Value
Electronic Equipment, Instruments & Components-(continued)
Jabil, Inc.
3.95%, 01/12/2028	$	33,000	$	31,212
3.00%, 01/15/2031		50,000		42,732
Keysight Technologies, Inc.
4.60%, 04/06/2027		18,000		17,727
3.00%, 10/30/2029		40,000		35,614
TD SYNNEX Corp., 1.75%, 08/09/2026		60,000		54,668
Teledyne Technologies, Inc.
2.25%, 04/01/2028		40,000		35,865
2.75%, 04/01/2031		40,000		33,968
Trimble, Inc.
4.90%, 06/15/2028		33,000		32,759
6.10%, 03/15/2033		30,000		31,367
Tyco Electronics Group S.A.
4.50%, 02/13/2026		70,000		69,257
2.50%, 02/04/2032		65,000		55,063

				881,626

Energy Equipment & Services-0.59%
Halliburton Co., 2.92%, 03/01/2030		90,000		79,992
Helmerich & Payne, Inc., 2.90%, 09/29/2031		50,000		41,609
NOV, Inc., 3.60%, 12/01/2029		38,000		34,724
Schlumberger Investment S.A.
4.50%, 05/15/2028		60,000		59,469
2.65%, 06/26/2030		75,000		65,954

				281,748

Entertainment-1.10%
Electronic Arts, Inc., 1.85%, 02/15/2031		65,000		52,932
Netflix, Inc., 4.88%, 04/15/2028		120,000		119,803
Take-Two Interactive Software, Inc.
3.55%, 04/14/2025		10,000		9,798
4.00%, 04/14/2032		30,000		27,595
Walt Disney Co.(The)
1.75%, 08/30/2024		114,000		111,951
2.65%, 01/13/2031		120,000		104,420
Warnermedia Holdings, Inc.
3.76%, 03/15/2027		40,000		37,861
4.28%, 03/15/2032		70,000		61,784

				526,144

Financial Services-2.72%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 .		248,000		239,670
Block Financial LLC
2.50%, 07/15/2028		30,000		26,438
3.88%, 08/15/2030		45,000		40,597
Equitable Holdings, Inc.
4.35%, 04/20/2028		71,000		68,417
5.59%, 01/11/2033		50,000		50,432
Fidelity National Information Services, Inc.
1.15%, 03/01/2026		70,000		64,755
2.25%, 03/01/2031		80,000		67,035
Fiserv, Inc.
2.75%, 07/01/2024		59,000		58,417
3.50%, 07/01/2029		58,000		53,324
Global Payments, Inc.
2.65%, 02/15/2025		30,000		29,120
3.20%, 08/15/2029		43,000		38,319
LPL Holdings, Inc., 6.75%, 11/17/2028		50,000		52,218

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		30

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Financial Services-(continued)
Mastercard, Inc.
3.38%, 04/01/2024	$	83,000	$	82,837
3.35%, 03/26/2030		85,000		78,567
PayPal Holdings, Inc.
2.40%, 10/01/2024		65,000		63,822
2.85%, 10/01/2029		65,000		57,961
Visa, Inc.
3.15%, 12/14/2025		91,000		88,255
2.05%, 04/15/2030		90,000		77,261
Western Union Co. (The), 1.35%, 03/15/2026		70,000		64,502

				1,301,947

Food Products-2.70%
Archer-Daniels-Midland Co.
2.50%, 08/11/2026		90,000		84,737
3.25%, 03/27/2030		75,000		67,858
Bunge Ltd. Finance Corp.
1.63%, 08/17/2025		50,000		47,365
2.75%, 05/14/2031		70,000		59,568
Campbell Soup Co.
4.15%, 03/15/2028		33,000		31,858
2.38%, 04/24/2030		40,000		33,965
Conagra Brands, Inc., 4.85%, 11/01/2028		70,000		68,806
Flowers Foods, Inc., 2.40%, 03/15/2031		50,000		41,831
General Mills, Inc.
4.20%, 04/17/2028		51,000		49,550
4.95%, 03/29/2033		60,000		58,929
Hershey Co. (The), 2.30%, 08/15/2026		88,000		83,081
Hormel Foods Corp.
1.70%, 06/03/2028		50,000		44,167
1.80%, 06/11/2030		50,000		41,489
Ingredion, Inc.
3.20%, 10/01/2026		28,000		26,726
2.90%, 06/01/2030		20,000		17,559
JM Smucker Co. (The)
3.50%, 03/15/2025		33,000		32,333
2.38%, 03/15/2030		40,000		34,350
Kraft Heinz Foods Co. (The)
3.00%, 06/01/2026		95,000		90,650
3.75%, 04/01/2030		90,000		84,049
McCormick & Co., Inc.
3.40%, 08/15/2027		23,000		21,800
1.85%, 02/15/2031		30,000		24,127
Mondelez International, Inc.
1.50%, 05/04/2025		70,000		66,939
2.75%, 04/13/2030		70,000		61,905
Tyson Foods, Inc.
4.35%, 03/01/2029		50,000		48,140
4.88%, 08/15/2034		70,000		66,515

				1,288,297

Gas Utilities-0.27%
Atmos Energy Corp.
3.00%, 06/15/2027		21,000		19,761
1.50%, 01/15/2031		45,000		35,868


	Principal Amount		Value
Gas Utilities-(continued)
National Fuel Gas Co.
5.50%, 01/15/2026	$	20,000	$	19,942
2.95%, 03/01/2031		20,000		16,723
Southwest Gas Corp., 4.05%, 03/15/2032		40,000		36,598

				128,892

Ground Transportation-1.10%
CSX Corp.
3.25%, 06/01/2027		62,000		58,885
4.25%, 03/15/2029		70,000		68,240
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		70,000		68,372
Norfolk Southern Corp.
3.80%, 08/01/2028		60,000		57,484
5.05%, 08/01/2030		50,000		49,986
Ryder System, Inc.
5.25%, 06/01/2028		40,000		40,101
6.60%, 12/01/2033		30,000		32,140
Union Pacific Corp.
3.95%, 09/10/2028		74,000		71,812
2.80%, 02/14/2032		90,000		77,291

				524,311

Health Care Equipment & Supplies-1.93%
Abbott Laboratories
3.75%, 11/30/2026		77,000		74,983
1.40%, 06/30/2030		120,000		99,036
Baxter International, Inc.
1.92%, 02/01/2027		40,000		36,397
2.54%, 02/01/2032^(b)		50,000		41,009
Becton, Dickinson and Co.
3.70%, 06/06/2027		50,000		47,950
1.96%, 02/11/2031		80,000		65,131
Boston Scientific Corp.
3.45%, 03/01/2024		40,000		40,000
2.65%, 06/01/2030		90,000		78,706
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		30,000		26,126
DH Europe Finance II S.a.r.l.
2.20%, 11/15/2024		68,000		66,479
2.60%, 11/15/2029		76,000		67,601
Edwards Lifesciences Corp., 4.30%, 06/15/2028		57,000		55,383
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031		60,000		50,979
Stryker Corp.
3.50%, 03/15/2026		44,000		42,662
1.95%, 06/15/2030		50,000		41,858
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		60,000		58,723
2.60%, 11/24/2031		35,000		29,366

				922,389

Health Care Providers & Services-4.13%
Cardinal Health, Inc., 3.41%, 06/15/2027		194,000		184,010
Cencora, Inc.
3.45%, 12/15/2027		90,000		85,296
2.70%, 03/15/2031		90,000		76,929
Cigna Group (The)
4.38%, 10/15/2028		104,000		100,996
2.38%, 03/15/2031		100,000		83,518

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		31

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Health Care Providers & Services-(continued)
CVS Health Corp.
4.30%, 03/25/2028	$	150,000	$	145,636
5.25%, 02/21/2033		130,000		128,723
Elevance Health, Inc.
3.65%, 12/01/2027		75,000		71,718
2.25%, 05/15/2030		100,000		84,944
HCA, Inc.
5.38%, 02/01/2025		70,000		69,766
3.50%, 09/01/2030		85,000		75,970
Humana, Inc.
1.35%, 02/03/2027		80,000		71,760
2.15%, 02/03/2032		85,000		67,421
Laboratory Corp. of America Holdings
3.60%, 02/01/2025		43,000		42,155
2.95%, 12/01/2029		60,000		53,512
McKesson Corp., 1.30%, 08/15/2026^(b)		230,000		210,012
Quest Diagnostics, Inc.
3.50%, 03/30/2025		30,000		29,461
2.95%, 06/30/2030		35,000		30,872
UnitedHealth Group, Inc.
3.75%, 07/15/2025		139,000		136,429
5.35%, 02/15/2033		155,000		158,201
Universal Health Services, Inc.
1.65%, 09/01/2026		40,000		36,379
2.65%, 10/15/2030		35,000		29,238

				1,972,946

Health Care REITs-0.51%
Healthcare Realty Holdings L.P.
3.50%, 08/01/2026		21,000		19,989
2.00%, 03/15/2031		20,000		15,690
Omega Healthcare Investors, Inc.
5.25%, 01/15/2026		18,000		17,851
3.38%, 02/01/2031		20,000		16,856
Ventas Realty L.P.
4.40%, 01/15/2029		44,000		42,187
2.50%, 09/01/2031		40,000		32,551
Welltower OP LLC
4.00%, 06/01/2025		46,000		45,179
3.10%, 01/15/2030		60,000		53,581

				243,884

Hotel & Resort REITs-0.13%
Host Hotels & Resorts L.P.
Series E, 4.00%, 06/15/2025		30,000		29,385
Series H, 3.38%, 12/15/2029		39,000		34,543

				63,928

Hotels, Restaurants & Leisure-1.39%
Booking Holdings, Inc.
3.60%, 06/01/2026		40,000		38,775
4.63%, 04/13/2030		40,000		39,319
Darden Restaurants, Inc.
3.85%, 05/01/2027		34,000		32,663
6.30%, 10/10/2033		30,000		31,360
Expedia Group, Inc., 3.80%, 02/15/2028		68,000		64,344
Hyatt Hotels Corp., 5.75%, 01/30/2027		40,000		40,523
Marriott International, Inc.
5.00%, 10/15/2027		45,000		44,835
Series FF, 4.63%, 06/15/2030		40,000		38,768


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
McDonald’s Corp.
3.80%, 04/01/2028	$	95,000	$	91,358
3.60%, 07/01/2030		100,000		92,702
Starbucks Corp.
3.80%, 08/15/2025		76,000		74,442
2.55%, 11/15/2030		90,000		77,352

				666,441

Household Durables-0.90%
D.R. Horton, Inc., 1.40%, 10/15/2027		100,000		88,215
Leggett & Platt, Inc.
3.50%, 11/15/2027		10,000		9,343
4.40%, 03/15/2029		20,000		18,956
Lennar Corp., 4.75%, 11/29/2027		90,000		88,619
Mohawk Industries, Inc.
5.85%, 09/18/2028		30,000		30,663
3.63%, 05/15/2030^(b)		45,000		41,056
NVR, Inc., 3.00%, 05/15/2030		60,000		52,889
Whirlpool Corp., 4.75%, 02/26/2029		104,000		101,625

				431,366

Household Products-1.42%
Church & Dwight Co., Inc., 5.60%, 11/15/2032		50,000		51,900
Clorox Co. (The)
3.90%, 05/15/2028		35,000		33,728
4.60%, 05/01/2032		40,000		38,833
Colgate-Palmolive Co.
3.25%, 03/15/2024		65,000		64,958
4.80%, 03/02/2026		60,000		60,158
3.25%, 08/15/2032		70,000		62,871
Kimberly-Clark Corp.
1.05%, 09/15/2027		70,000		61,632
3.20%, 04/25/2029		47,000		43,694
Procter & Gamble Co. (The)
1.90%, 02/01/2027		140,000		129,761
3.00%, 03/25/2030		145,000		132,773

				680,308

Independent Power and Renewable Electricity Producers-0.33%
AES Corp. (The)
1.38%, 01/15/2026		55,000		50,836
2.45%, 01/15/2031		70,000		57,152
NSTAR Electric Co., 3.20%, 05/15/2027		53,000		50,543

				158,531

Industrial Conglomerates-1.06%
3M Co.
2.88%, 10/15/2027		103,000		95,404
2.38%, 08/26/2029		95,000		82,555
General Electric Co., 6.75%, 03/15/2032		135,000		149,956
Honeywell International, Inc.
2.50%, 11/01/2026		103,000		97,115
1.75%, 09/01/2031		100,000		80,458

				505,488

Industrial REITs-0.18%
Prologis L.P.
2.13%, 04/15/2027		55,000		50,539
2.25%, 04/15/2030		42,000		36,044

				86,583

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		32

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Insurance-6.20%
Aflac, Inc., 3.60%, 04/01/2030	$	130,000	$	120,603
Allstate Corp. (The)
3.28%, 12/15/2026		76,000		72,485
1.45%, 12/15/2030		100,000		79,032
American International Group, Inc., 5.13%, 03/27/2033^(b)		210,000		207,274
Aon Corp., 2.80%, 05/15/2030		40,000		34,800
Aon Global Ltd., 3.88%, 12/15/2025		40,000		39,022
Brighthouse Financial, Inc.
3.70%, 06/22/2027		77,000		72,644
5.63%, 05/15/2030^(b)		50,000		49,802
Brown & Brown, Inc.
4.20%, 09/15/2024		21,000		20,807
2.38%, 03/15/2031		20,000		16,388
Chubb INA Holdings, Inc.
3.35%, 05/03/2026		95,000		91,639
1.38%, 09/15/2030		95,000		76,956
CNA Financial Corp.
3.95%, 05/15/2024		57,000		56,801
3.90%, 05/01/2029		43,000		40,384
CNO Financial Group, Inc.
5.25%, 05/30/2025		40,000		39,785
5.25%, 05/30/2029		18,000		17,493
Fidelity National Financial, Inc., 3.40%, 06/15/2030		110,000		97,160
First American Financial Corp., 2.40%, 08/15/2031		80,000		62,793
Globe Life, Inc., 4.55%, 09/15/2028		46,000		44,918
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		134,000		119,875
Lincoln National Corp.
3.80%, 03/01/2028		76,000		72,353
3.40%, 01/15/2031^(b)		80,000		70,055
Loews Corp.
3.75%, 04/01/2026		38,000		36,993
3.20%, 05/15/2030		40,000		36,148
Marsh & McLennan Cos., Inc.
3.88%, 03/15/2024		74,000		73,959
4.38%, 03/15/2029		128,000		125,130
MetLife, Inc.
3.60%, 04/10/2024		109,000		108,777
4.55%, 03/23/2030		130,000		127,416
Old Republic International Corp., 3.88%, 08/26/2026		69,000		66,675
Primerica, Inc., 2.80%, 11/19/2031		60,000		49,859
Principal Financial Group, Inc., 3.70%, 05/15/2029		142,000		132,574
Progressive Corp. (The)
4.00%, 03/01/2029		75,000		72,209
3.00%, 03/15/2032		80,000		69,334
Prudential Financial, Inc.
1.50%, 03/10/2026		120,000		111,892
2.10%, 03/10/2030		160,000		137,019
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		99,000		93,481
Travelers Property Casualty Corp., 6.38%, 03/15/2033		145,000		161,011


	Principal Amount		Value
Insurance-(continued)
Willis North America, Inc.
3.60%, 05/15/2024	$	32,000	$	31,858
2.95%, 09/15/2029		30,000		26,715

				2,964,119

Interactive Media & Services-0.71%
Alphabet, Inc.
2.00%, 08/15/2026		177,000		166,362
1.10%, 08/15/2030^(b)		215,000		174,146

				340,508

IT Services-0.98%
Amdocs Ltd., 2.54%, 06/15/2030		50,000		42,515
DXC Technology Co., 2.38%, 09/15/2028		63,000		54,377
International Business Machines Corp.
3.00%, 05/15/2024		112,000		111,418
3.50%, 05/15/2029		140,000		130,899
Kyndryl Holdings, Inc.
2.05%, 10/15/2026		60,000		54,808
3.15%, 10/15/2031		55,000		45,386
VeriSign, Inc.
5.25%, 04/01/2025		10,000		9,967
2.70%, 06/15/2031		20,000		16,636

				466,006

Leisure Products-0.25%
Brunswick Corp., 2.40%, 08/18/2031		80,000		63,028
Hasbro, Inc.
3.55%, 11/19/2026		30,000		28,493
3.90%, 11/19/2029		28,000		25,677

				117,198

Life Sciences Tools & Services-0.89%
Agilent Technologies, Inc., 2.30%, 03/12/2031		70,000		58,474
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032		30,000		26,734
Illumina, Inc.
5.75%, 12/13/2027		30,000		30,269
2.55%, 03/23/2031^(b)		50,000		41,096
IQVIA, Inc., 6.25%, 02/01/2029		80,000		82,393
Revvity, Inc.
1.90%, 09/15/2028		50,000		43,196
3.30%, 09/15/2029		33,000		29,726
Thermo Fisher Scientific, Inc.
4.80%, 11/21/2027		50,000		50,048
2.00%, 10/15/2031^(b)		75,000		61,304

				423,240

Machinery-2.38%
Caterpillar Financial Services Corp., 3.40%, 05/13/2025		85,000		83,228
Caterpillar, Inc., 2.60%, 04/09/2030		95,000		84,523
Cummins, Inc., 1.50%, 09/01/2030		150,000		121,301
Flowserve Corp., 3.50%, 10/01/2030		65,000		57,179
Fortive Corp., 3.15%, 06/15/2026		48,000		45,845
IDEX Corp., 3.00%, 05/01/2030		40,000		34,931
Illinois Tool Works, Inc., 2.65%, 11/15/2026		123,000		116,951
Ingersoll Rand, Inc.
5.40%, 08/14/2028		30,000		30,264
5.70%, 08/14/2033		30,000		30,531

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		33

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Machinery-(continued)
John Deere Capital Corp.
4.80%, 01/09/2026	$	90,000	$	89,806
2.80%, 07/18/2029		75,000		68,275
Nordson Corp., 5.80%, 09/15/2033		50,000		51,651
Otis Worldwide Corp.
2.06%, 04/05/2025		40,000		38,559
2.57%, 02/15/2030		40,000		34,915
Parker-Hannifin Corp.
3.25%, 03/01/2027		60,000		57,082
3.25%, 06/14/2029		37,000		34,045
Stanley Black & Decker, Inc.
3.40%, 03/01/2026		35,000		33,766
2.30%, 03/15/2030		40,000		33,616
Wabtec Corp., 3.45%, 11/15/2026		50,000		47,562
Xylem, Inc.
3.25%, 11/01/2026		25,000		23,885
2.25%, 01/30/2031		25,000		21,014

				1,138,929

Marine Transportation-0.07%
Kirby Corp., 4.20%, 03/01/2028		33,000		31,556

Media-1.40%
Comcast Corp.
4.15%, 10/15/2028		142,000		137,810
1.50%, 02/15/2031		190,000		151,604
Fox Corp.
4.71%, 01/25/2029		35,000		34,171
6.50%, 10/13/2033		40,000		42,034
Interpublic Group of Cos., Inc. (The)
4.65%, 10/01/2028		40,000		39,234
4.75%, 03/30/2030		55,000		53,538
Omnicom Group, Inc., 2.60%, 08/01/2031		60,000		50,366
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		38,000		36,829
Paramount Global
2.90%, 01/15/2027		80,000		72,109
4.95%, 01/15/2031		60,000		52,711

				670,406

Metals & Mining-0.70%
Newmont Corp., 2.25%, 10/01/2030		120,000		100,426
Nucor Corp.
3.95%, 05/01/2028		49,000		47,422
3.13%, 04/01/2032		60,000		52,501
Reliance, Inc., 2.15%, 08/15/2030		75,000		62,287
Steel Dynamics, Inc., 3.45%, 04/15/2030		81,000		73,696

				336,332

Multi-Utilities-1.55%
Ameren Corp.
1.95%, 03/15/2027		60,000		54,876
3.50%, 01/15/2031		30,000		27,027
Arizona Public Service Co., 5.55%, 08/01/2033		40,000		40,162
CenterPoint Energy, Inc.
1.45%, 06/01/2026		60,000		55,301
2.65%, 06/01/2031		60,000		50,344
Consumers Energy Co.
4.90%, 02/15/2029		40,000		39,919
4.63%, 05/15/2033		50,000		48,343


	Principal Amount		Value
Multi-Utilities-(continued)
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030	$	75,000	$	67,493
DTE Electric Co., Series C, 2.63%, 03/01/2031		50,000		42,985
DTE Energy Co., Series F, 1.05%, 06/01/2025		60,000		56,835
NiSource, Inc.
0.95%, 08/15/2025		30,000		28,155
3.60%, 05/01/2030		60,000		54,948
Public Service Enterprise Group, Inc.
2.88%, 06/15/2024		40,000		39,658
2.45%, 11/15/2031		55,000		44,804
Sempra, 3.40%, 02/01/2028		51,000		47,987
WEC Energy Group, Inc., 4.75%, 01/09/2026		40,000		39,629

				738,466

Office REITs-0.44%
Alexandria Real Estate Equities, Inc.
3.45%, 04/30/2025		28,000		27,352
2.00%, 05/18/2032		40,000		30,951
Boston Properties L.P.
3.65%, 02/01/2026		60,000		57,721
3.25%, 01/30/2031		55,000		46,386
Kilroy Realty L.P., 3.05%, 02/15/2030		58,000		48,675

				211,085

Oil, Gas & Consumable Fuels-5.46%
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/2027		55,000		54,774
3.70%, 11/15/2029^(b)		25,000		23,069
Chevron Corp.
2.95%, 05/16/2026		157,000		150,867
2.24%, 05/11/2030		175,000		151,452
ConocoPhillips Co., 6.95%, 04/15/2029		150,000		164,460
Devon Energy Corp., 7.88%, 09/30/2031		70,000		79,552
Diamondback Energy, Inc.
3.25%, 12/01/2026		40,000		38,253
3.50%, 12/01/2029		25,000		22,966
EOG Resources, Inc.
4.15%, 01/15/2026		60,000		59,109
4.38%, 04/15/2030		80,000		77,689
EQT Corp.
3.90%, 10/01/2027		40,000		37,881
7.00%, 02/01/2030		30,000		31,793
Exxon Mobil Corp.
3.04%, 03/01/2026		211,000		203,640
2.61%, 10/15/2030^(b)		235,000		206,217
Hess Corp.
4.30%, 04/01/2027		30,000		29,280
7.30%, 08/15/2031		30,000		33,763
HF Sinclair Corp., 5.88%, 04/01/2026		90,000		90,314
Kinder Morgan, Inc.
4.30%, 03/01/2028		65,000		63,081
5.20%, 06/01/2033		60,000		58,437
Marathon Oil Corp.
4.40%, 07/15/2027^(b)		28,000		27,213
6.80%, 03/15/2032		35,000		37,387
Marathon Petroleum Corp., 4.70%, 05/01/2025		160,000		158,531
ONEOK, Inc.
4.55%, 07/15/2028		61,000		59,632
3.10%, 03/15/2030		50,000		44,387

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		34

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Ovintiv, Inc.
5.65%, 05/15/2028	$	40,000	$	40,379
7.38%, 11/01/2031		30,000		32,711
Phillips 66
3.90%, 03/15/2028		114,000		109,866
2.15%, 12/15/2030		100,000		83,115
Pioneer Natural Resources Co.
1.13%, 01/15/2026		35,000		32,504
1.90%, 08/15/2030		60,000		50,007
Targa Resources Corp., 5.20%, 07/01/2027		30,000		29,866
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030		40,000		39,652
Valero Energy Corp., 2.15%, 09/15/2027		190,000		172,286
Williams Cos., Inc. (The)
3.75%, 06/15/2027		55,000		52,658
2.60%, 03/15/2031		75,000		63,264

				2,610,055

Passenger Airlines-0.19%
Southwest Airlines Co.
5.13%, 06/15/2027		40,000		39,855
2.63%, 02/10/2030		60,000		51,940

				91,795

Personal Care Products-0.22%
Estee Lauder Cos., Inc. (The)
2.00%, 12/01/2024		70,000		68,251
2.38%, 12/01/2029		43,000		37,634

				105,885

Pharmaceuticals-2.77%
Bristol-Myers Squibb Co.
2.90%, 07/26/2024		90,000		89,059
3.40%, 07/26/2029		89,000		83,016
Eli Lilly and Co.
2.75%, 06/01/2025		65,000		63,256
3.38%, 03/15/2029		96,000		90,510
Johnson & Johnson
2.45%, 03/01/2026		158,000		151,229
1.30%, 09/01/2030		200,000		163,799
Merck & Co., Inc.
2.75%, 02/10/2025		109,000		106,525
3.40%, 03/07/2029		115,000		108,026
Pfizer, Inc.
3.00%, 12/15/2026		153,000		145,979
3.45%, 03/15/2029		135,000		126,979
Royalty Pharma PLC
1.20%, 09/02/2025		30,000		28,099
2.20%, 09/02/2030		40,000		32,943
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		33,000		31,859
Viatris, Inc., 2.70%, 06/22/2030		50,000		42,130
Zoetis, Inc.
3.00%, 09/12/2027		30,000		28,067
2.00%, 05/15/2030		40,000		33,585

				1,325,061


	Principal Amount		Value
Professional Services-0.79%
Automatic Data Processing, Inc.
3.38%, 09/15/2025	$	41,000	$	40,078
1.25%, 09/01/2030		100,000		81,142
Broadridge Financial Solutions, Inc.
3.40%, 06/27/2026		25,000		23,907
2.60%, 05/01/2031		30,000		25,149
Concentrix Corp.
6.60%, 08/02/2028		30,000		30,188
6.85%, 08/02/2033		30,000		29,359
Equifax, Inc.
2.60%, 12/01/2024		18,000		17,599
2.35%, 09/15/2031		50,000		40,836
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028		50,000		51,639
Verisk Analytics, Inc.
4.00%, 06/15/2025		20,000		19,653
4.13%, 03/15/2029		20,000		19,218

				378,768

Real Estate Management & Development-0.24%
CBRE Services, Inc.
4.88%, 03/01/2026		40,000		39,569
2.50%, 04/01/2031		50,000		41,175
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		30,000		31,715

				112,459

Residential REITs-1.17%
American Homes 4 Rent L.P.
4.25%, 02/15/2028		28,000		26,915
3.63%, 04/15/2032		30,000		26,193
AvalonBay Communities, Inc.
3.45%, 06/01/2025		30,000		29,344
2.30%, 03/01/2030		35,000		30,106
Camden Property Trust
5.85%, 11/03/2026		30,000		30,648
2.80%, 05/15/2030		30,000		26,391
ERP Operating L.P.
2.85%, 11/01/2026		38,000		35,881
2.50%, 02/15/2030		40,000		34,802
Essex Portfolio L.P.
3.50%, 04/01/2025		40,000		39,105
3.00%, 01/15/2030		30,000		26,346
Invitation Homes Operating Partnership L.P.
2.30%, 11/15/2028		30,000		26,264
2.00%, 08/15/2031		65,000		50,806
Mid-America Apartments L.P.
3.60%, 06/01/2027		30,000		28,679
3.95%, 03/15/2029		50,000		47,729
Sun Communities Operating L.P., 2.70%, 07/15/2031		55,000		44,890
UDR, Inc., 3.20%, 01/15/2030		60,000		53,723

				557,822

Retail REITs-0.84%
Brixmor Operating Partnership L.P.
3.85%, 02/01/2025		24,000		23,548
4.13%, 05/15/2029		20,000		18,715

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		35

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Retail REITs-(continued)
Kimco Realty OP LLC
2.80%, 10/01/2026	$	30,000	$	28,138
4.60%, 02/01/2033		30,000		28,141
NNN REIT, Inc., 5.60%, 10/15/2033		40,000		39,918
Realty Income Corp.
4.13%, 10/15/2026		30,000		29,217
3.25%, 01/15/2031		40,000		35,466
Regency Centers L.P.
3.60%, 02/01/2027		22,000		21,025
3.70%, 06/15/2030		40,000		36,489
Simon Property Group L.P.
2.00%, 09/13/2024		76,000		74,432
2.45%, 09/13/2029		76,000		66,329

				401,418

Semiconductors & Semiconductor Equipment-3.19%
Analog Devices, Inc., 3.50%, 12/05/2026		100,000		96,615
Applied Materials, Inc.
3.30%, 04/01/2027		65,000		62,236
1.75%, 06/01/2030		70,000		58,414
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		103,000		99,563
Broadcom, Inc., 2.45%, 02/15/2031^(c)		120,000		100,282
Intel Corp.
3.70%, 07/29/2025		145,000		142,093
2.45%, 11/15/2029		152,000		133,268
KLA Corp.
4.65%, 11/01/2024		43,000		42,695
4.65%, 07/15/2032		50,000		48,767
Lam Research Corp.
3.75%, 03/15/2026		35,000		34,158
4.00%, 03/15/2029		43,000		41,531
Marvell Technology, Inc.
1.65%, 04/15/2026		20,000		18,565
2.95%, 04/15/2031		20,000		17,151
Micron Technology, Inc.
4.19%, 02/15/2027		71,000		69,046
4.66%, 02/15/2030		70,000		67,760
NVIDIA Corp.
3.20%, 09/16/2026		62,000		59,786
2.85%, 04/01/2030		47,000		42,352
QUALCOMM, Inc.
3.25%, 05/20/2027		88,000		83,939
1.65%, 05/20/2032		95,000		74,193
Texas Instruments, Inc.
1.38%, 03/12/2025		95,000		91,417
2.25%, 09/04/2029		96,000		84,785
Xilinx, Inc.
2.95%, 06/01/2024		30,000		29,793
2.38%, 06/01/2030		30,000		25,991

				1,524,400

Software-2.22%
Adobe, Inc.
3.25%, 02/01/2025		63,000		61,854
2.30%, 02/01/2030		60,000		52,429
Autodesk, Inc.
3.50%, 06/15/2027		23,000		22,021
2.85%, 01/15/2030		30,000		26,659


	Principal Amount		Value
Software-(continued)
Fortinet, Inc.
1.00%, 03/15/2026	$	16,000	$	14,686
2.20%, 03/15/2031		16,000		13,251
Intuit, Inc.
0.95%, 07/15/2025		60,000		56,637
5.20%, 09/15/2033		30,000		30,322
Microsoft Corp., 3.30%, 02/06/2027^(b)		395,000		381,684
Oracle Corp.
2.50%, 04/01/2025		85,000		82,316
2.88%, 03/25/2031		120,000		103,532
Roper Technologies, Inc.
1.00%, 09/15/2025		30,000		28,118
1.75%, 02/15/2031		30,000		24,005
Salesforce, Inc.
3.70%, 04/11/2028		42,000		40,511
1.95%, 07/15/2031		50,000		40,965
ServiceNow, Inc., 1.40%, 09/01/2030		55,000		44,138
Workday, Inc.
3.50%, 04/01/2027		20,000		19,064
3.80%, 04/01/2032		20,000		18,084

				1,060,276

Specialized REITs-1.23%
American Tower Corp.
3.38%, 10/15/2026		70,000		66,800
3.80%, 08/15/2029		63,000		58,353
Crown Castle, Inc.
3.65%, 09/01/2027		56,000		52,905
2.25%, 01/15/2031		80,000		65,420
EPR Properties, 3.75%, 08/15/2029		40,000		34,945
Equinix, Inc.
2.63%, 11/18/2024		40,000		39,115
3.20%, 11/18/2029		40,000		35,960
Extra Space Storage L.P.
5.70%, 04/01/2028		30,000		30,438
2.35%, 03/15/2032		35,000		27,787
Public Storage Operating Co.
1.85%, 05/01/2028		40,000		35,367
2.30%, 05/01/2031		60,000		50,497
Weyerhaeuser Co., 7.38%, 03/15/2032		80,000		90,400

				587,987

Specialty Retail-2.87%
AutoNation, Inc., 3.85%, 03/01/2032^(b)		110,000		96,106
AutoZone, Inc.
3.75%, 06/01/2027		50,000		48,050
4.00%, 04/15/2030		35,000		32,968
Best Buy Co., Inc.
4.45%, 10/01/2028		50,000		49,026
1.95%, 10/01/2030		60,000		49,360
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033		50,000		51,351
Dell International LLC/EMC Corp.
6.02%, 06/15/2026		61,000		61,687
5.30%, 10/01/2029		65,000		65,185
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032		70,000		58,700
Home Depot, Inc. (The)
3.00%, 04/01/2026		140,000		134,882
2.95%, 06/15/2029		173,000		158,027

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		36

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Specialty Retail-(continued)
Leidos, Inc.
3.63%, 05/15/2025	$	30,000	$	29,317
2.30%, 02/15/2031		30,000		24,607
Lowe’s Cos., Inc.
2.50%, 04/15/2026		109,000		103,504
2.63%, 04/01/2031		110,000		93,744
O’Reilly Automotive, Inc.
3.60%, 09/01/2027		29,000		27,639
4.70%, 06/15/2032		30,000		29,039
Ross Stores, Inc.
4.60%, 04/15/2025		37,000		36,649
1.88%, 04/15/2031		40,000		32,519
TJX Cos., Inc. (The)
2.25%, 09/15/2026		70,000		65,800
1.60%, 05/15/2031		70,000		56,522
Tractor Supply Co., 1.75%, 11/01/2030		85,000		68,410

				1,373,092

Technology Hardware, Storage & Peripherals-1.59%
Apple, Inc.
3.25%, 02/23/2026		245,000		237,817
1.65%, 02/08/2031^(b)		270,000		222,278
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		118,000		117,238
HP, Inc.
3.00%, 06/17/2027		65,000		60,734
4.20%, 04/15/2032		80,000		73,878
NetApp, Inc.
1.88%, 06/22/2025		25,000		23,879
2.70%, 06/22/2030		30,000		25,769

				761,593

Textiles, Apparel & Luxury Goods-0.74%
NIKE, Inc.
2.40%, 03/27/2025		75,000		72,940
2.85%, 03/27/2030		80,000		72,071
Ralph Lauren Corp., 2.95%, 06/15/2030		50,000		44,501
Tapestry, Inc.
7.35%, 11/27/2028		30,000		31,403
7.85%, 11/27/2033		30,000		32,473
VF Corp.
2.40%, 04/23/2025		65,000		62,327
2.95%, 04/23/2030		45,000		37,125

				352,840

Tobacco-0.93%
Altria Group, Inc.
4.80%, 02/14/2029		100,000		98,246
2.45%, 02/04/2032		150,000		120,197

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
5.13%, 11/17/2027	$	115,000	$	115,243
5.75%, 11/17/2032		110,000		112,250

				445,936

Trading Companies & Distributors-0.13%
WW Grainger, Inc., 1.85%, 02/15/2025		62,000		59,950

Water Utilities-0.24%
American Water Capital Corp.
3.40%, 03/01/2025		32,000		31,373
4.45%, 06/01/2032		40,000		38,289
Essential Utilities, Inc., 2.70%, 04/15/2030		50,000		43,062

				112,724

Wireless Telecommunication Services-0.37%
T-Mobile USA, Inc.
3.75%, 04/15/2027		95,000		91,093
3.88%, 04/15/2030		90,000		83,587

				174,680

Total U.S. Dollar Denominated Bonds & Notes (Cost $49,440,353)				47,465,389

	Shares
Money Market Funds-0.23%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $108,315)		108,315		108,315

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.57% (Cost $49,548,668)				47,573,704


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.31%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		978,129		978,129
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		2,513,933		2,515,190

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,493,669)				3,493,319

TOTAL INVESTMENTS IN SECURITIES-106.88% (Cost $53,042,337)				51,067,023
OTHER ASSETS LESS LIABILITIES-(6.88)%				(3,287,630	)

NET ASSETS-100.00%			$	47,779,393

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		37

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain		Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	87,574	$	1,363,305	$	(1,342,564	)		$	-		$	-		$	108,315	$	2,358

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			757,492		4,364,730		(4,144,093	)			_-			-			978,129		18,710	*

Invesco Private Prime Fund			1,947,839		8,780,027		(8,213,263	)			(296	)		883			2,515,190		50,190	*


Total		$	2,792,905	$	14,508,062	$	(13,699,920	)		$	(296	)	$	883		$	3,601,634	$	71,258

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Financials		21.05

Health Care		11.50

Information Technology		10.64

Industrials		10.54

Consumer Staples		9.33

Consumer Discretionary		8.27

Utilities		6.83

Energy		6.05

Real Estate		5.23

Communication Services		5.02

Materials		4.88

Money Market Funds Plus Other Assets Less Liabilities		0.66

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		38

Invesco National AMT-Free Municipal Bond ETF (PZA)

February 29, 2024

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.82%
Alabama-0.61%
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.25%		07/01/2047	$	3,000	$	3,280,935
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.25%		07/01/2052		3,000		3,249,845
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		4.00%		11/01/2040		170		174,507
Alhambra Unified School District, Series 2016 B, RB		4.00%		10/01/2043		500		501,081
Auburn University, Series 2018 A, RB		5.00%		06/01/2048		500		526,612
Birmingham (City of)& Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB		5.00%		07/01/2048		3,000		3,076,583
Mobile(City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB		4.00%		02/01/2046		5,000		4,552,374
Montgomery (City of), AL, Series 2023, RB		5.00%		09/01/2048		1,000		1,102,312

								16,464,249

Arizona-1.71%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB		5.00%		12/01/2042		65		65,131
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		3.00%		02/01/2045		2,000		1,593,877
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		4.00%		02/01/2050		1,000		949,705
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB		4.00%		11/01/2050		2,000		1,870,058
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB		4.00%		07/15/2047		750		746,260
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB		4.00%		01/01/2041		2,000		2,004,595
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB		3.00%		01/01/2049		3,355		2,547,536
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 F, RB		3.00%		01/01/2049		2,000		1,518,651
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2019 E, RB		4.00%		01/01/2045		1,000		983,856
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		3.00%		09/01/2051		4,250		3,136,156
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		4.00%		09/01/2051		2,625		2,427,001
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, LLC- Arizona State University), Series 2018 A, Ref. RB		5.00%		07/01/2042		1,000		1,009,156
Phoenix Civic Improvement Corp., Series 2015 A, RB		5.00%		07/01/2045		2,000		2,023,242
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045		5,000		5,242,235
Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2049		4,000		4,233,433
Phoenix Civic Improvement Corp., Series 2021 A, RB		5.00%		07/01/2045		750		823,615
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB		5.00%		07/01/2044		5,000		5,435,844
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB		5.00%		01/01/2043		1,000		1,133,886
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB		5.00%		01/01/2044		1,000		1,131,145
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB		5.00%		01/01/2048		1,000		1,110,167
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB		5.25%		01/01/2053		2,000		2,238,420
University of Arizona (The) (Stimulus Plan for Economic and Educational Development), Series 2020, Ref. RB		4.00%		08/01/2044		4,000		3,988,009

								46,211,978

Arkansas-0.20%
University of Arkansas, Series 2021 A, RB		5.00%		12/01/2045		5,000		5,453,722

California-16.78%
Antelope Valley Healthcare District, Series 2016 A, Ref. RB		5.00%		03/01/2041		1,000		1,000,442
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056		5,000		4,898,109
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00%		04/01/2042		2,500		2,510,088
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB		5.00%		04/01/2054		2,000		2,219,185
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)^(a)		5.00%		09/01/2049		1,000		1,049,458
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039		5,000		5,034,999
California (State of), Series 2015, GO Bonds		5.00%		08/01/2045		2,200		2,241,383
California (State of), Series 2016, GO Bonds		4.00%		09/01/2046		160		160,226
California (State of), Series 2016, GO Bonds		5.00%		09/01/2046		3,000		3,113,028
California (State of), Series 2018, GO Bonds		5.00%		10/01/2039		1,000		1,034,760

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		39

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2018, GO Bonds		3.63%		10/01/2047	$	155	$	145,502
California (State of), Series 2018, GO Bonds		5.00%		10/01/2047		3,400		3,503,886
California (State of), Series 2019, GO Bonds		4.00%		10/01/2044		175		178,266
California (State of), Series 2019, GO Bonds		3.25%		04/01/2045		200		176,941
California (State of), Series 2019, GO Bonds		5.00%		04/01/2045		4,000		4,320,008
California (State of), Series 2019, GO Bonds		5.00%		04/01/2049		1,000		1,076,940
California (State of), Series 2019, Ref. GO Bonds		4.00%		10/01/2039		1,380		1,437,885
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039		4,500		4,975,133
California (State of), Series 2020, GO Bonds		4.00%		11/01/2045		1,100		1,100,556
California (State of), Series 2020, GO Bonds		4.00%		03/01/2046		1,000		1,015,999
California (State of), Series 2020, GO Bonds		4.00%		03/01/2046		1,000		1,015,999
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2038		1,000		1,052,189
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2040		1,000		1,037,838
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2041		1,250		1,409,815
California (State of), Series 2021, Ref. GO Bonds		4.00%		10/01/2041		500		519,795
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2041		5,500		6,168,039
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		1,500		1,700,860
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2042		1,025		1,170,891
California (State of), Series 2023, GO Bonds		5.00%		10/01/2045		1,000		1,137,775
California (State of), Series 2023, GO Bonds		5.25%		10/01/2045		1,000		1,157,298
California (State of), Series 2023, Ref. GO Bonds		4.00%		10/01/2042		1,200		1,250,880
California (State of), Series 2023, Ref. GO Bonds		4.00%		09/01/2043		7,500		7,766,192
California (State of), Series 2023, Ref. GO Bonds		5.00%		09/01/2043		10,000		11,493,332
California (State of) Educational Facilities Authority (Chapman University), Series 2017 B, RB		4.00%		04/01/2047		50		48,820
California (State of) Educational Facilities Authority (Stanford University), Series 2007 T-1, RB		5.00%		03/15/2039		5,000		6,180,221
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2049		4,000		4,884,702
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB		4.00%		03/01/2043		345		327,952
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A,Ref. RB		4.00%		03/01/2039		160		160,356
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB		4.00%		08/15/2040		400		409,337
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB		3.00%		08/15/2051		215		171,730
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		3.25%		08/15/2039		100		95,350
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB		4.00%		08/15/2048		3,200		3,160,438
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County), Series 2021, Ref. RB		2.13%		11/01/2041		5,000		3,568,858
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB		4.00%		11/15/2045		360		349,458
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		4.00%		02/01/2042		3,000		3,023,195
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		5.00%		02/01/2042		2,250		2,325,682
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		4.00%		11/01/2038		2,000		2,025,835
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		4.00%		11/01/2044		4,600		4,570,305
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		5.00%		11/01/2047		3,500		4,157,616
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014 A, RB		5.00%		08/15/2043		1,745		1,751,238
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB		5.00%		11/15/2056		800		831,243
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB		4.00%		06/01/2050		3,860		3,648,212
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 B, RB		5.00%		10/01/2044		1,100		1,104,381
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		3.00%		10/01/2047		145		109,135

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		40

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00%		11/15/2040	$	3,000	$	3,057,338
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00%		08/15/2050		7,360		7,268,503
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		4.00%		11/15/2041		175		175,190
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		5.00%		11/15/2046		1,185		1,212,651
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		4.00%		11/15/2042		500		498,191
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB		4.00%		11/01/2045		320		315,623
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2044		1,930		2,081,028
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB		4.00%		10/01/2042		750		789,427
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB		5.00%		10/01/2043		1,000		1,072,819
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB		4.00%		07/01/2050		1,000		969,157
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00%		02/01/2042		4,000		3,838,110
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2042		1,715		1,753,729
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		2,500		2,540,036
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2041		1,000		1,005,436
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042		6,000		6,267,559
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGM)^(a)		5.25%		11/01/2052		2,000		2,243,492
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB		5.00%		06/01/2043		1,750		1,811,431
California (State of) Pollution Control Financing Authority (San Diego County Water Authority), Series 2019, Ref. RB^(b)		5.00%		07/01/2039		1,000		1,034,554
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB		4.00%		07/15/2051		1,000		998,769
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB		4.00%		08/01/2047		215		215,545
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB		5.00%		08/01/2047		1,000		1,055,117
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		1,500		1,509,818
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB		4.00%		04/01/2045		25		24,037
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB		3.00%		04/01/2050		1,000		751,091
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2017 A, Ref. RB		5.00%		04/01/2047		1,100		1,125,424
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00%		08/15/2046		95		94,404
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		4.00%		12/01/2057		500		467,077
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB		4.25%		01/01/2043		100		96,398
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038		2,500		2,651,422
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042		6,080		6,403,883
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2047		2,310		2,416,179
California State University, Series 2023 A, RB		5.25%		11/01/2048		100		115,969
California State University, Series 2023 A, RB		5.25%		11/01/2053		140		160,728
Centinela Valley Union High School District, Series 2016 B, Ref. GO Bonds, (INS - AGM)^(a)		4.00%		08/01/2050		125		124,668
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds		4.00%		06/01/2043		115		116,580
Chino Valley Unified School District, Series 2020 B, GO Bonds		4.00%		08/01/2045		2,500		2,519,682
Chino Valley Unified School District, Series 2020 B, GO Bonds		3.38%		08/01/2050		7,500		6,530,042
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)^(a)		4.00%		06/01/2049		100		100,000
East Bay Municipal Utility District, Series 2015 B, RB		4.00%		06/01/2045		1,010		1,010,356
East Bay Municipal Utility District, Series 2019 A, RB		5.00%		06/01/2044		735		801,710

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		41

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
El Rancho Unified School District, Series 2023 D, GO Bonds, (INS - BAM)^(a)		5.75%		08/01/2048	$	1,500	$	1,785,891
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)^(a)		3.13%		02/01/2040		95		84,430
Elk Grove Unified School District, Series 2023, RB, (INS - AGM)^(a)		4.00%		12/01/2042		110		112,981
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)^(a)		4.00%		10/01/2044		1,000		992,307
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB^(c)		3.95%		01/15/2053		3,000		2,782,679
Grossmont Healthcare District, Series 2015 D, Ref. GO Bonds		4.00%		07/15/2040		500		500,150
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)^(a)		4.00%		08/01/2042		30		30,027
Hayward Unified School District, Series 2019, Ref. GO Bonds, (INS - BAM)^(a)		4.00%		08/01/2043		1,500		1,495,318
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)^(a)		5.00%		09/01/2044		1,000		1,001,827
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB		5.25%		05/01/2048		2,200		2,274,605
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)^(a)		5.25%		09/01/2053		600		679,767
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)^(a)		4.00%		09/01/2058		1,100		1,088,844
Irvine Ranch Water District, Series 2016, RB		5.25%		02/01/2046		750		781,858
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041		10,000		10,068,371
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds		4.00%		08/01/2046		7,000		6,988,833
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds		4.00%		08/01/2047		3,000		3,023,356
Long Beach (City of), CA, Series 2019 A, RB		7.15%		05/15/2044		1,000		1,088,049
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds		3.00%		08/01/2050		1,270		996,924
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB		5.00%		06/01/2044		750		764,507
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB		5.00%		06/01/2045		400		407,566
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25%		06/01/2047		1,500		1,588,619
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB		4.00%		06/01/2052		5,000		5,085,393
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB		5.00%		05/15/2045		1,260		1,405,952
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB		4.00%		05/15/2048		5,000		5,043,431
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2044		800		802,460
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2044		1,100		1,103,240
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2044		200		200,589
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		1,100		1,130,252
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2047		1,100		1,143,364
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2043		365		393,680
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.25%		07/01/2049		80		86,573
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		2,360		2,569,164
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB		5.00%		07/01/2046		1,000		1,106,962
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2039		1,000		1,128,359
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2046		4,000		4,455,669
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2047		2,000		2,241,023
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB		5.00%		07/01/2052		1,000		1,112,803
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB		5.00%		07/01/2053		500		559,416
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2039		10		10,868
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039		2,250		2,271,357
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2044		750		755,803
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		1,400		1,433,949
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2016 A, Ref. RB		4.00%		10/01/2042		290		290,984
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		3.00%		08/01/2039		800		726,958
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2051		2,680		2,829,498
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2039		1,000		1,038,561
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2040		1,000		1,032,992
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2044		1,000		1,022,033
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		4.00%		07/01/2040		20		19,853
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		5.00%		07/01/2040		1,610		1,650,577
Madera Unified School District (Election of 2014), Series 2017, GO Bonds		4.00%		08/01/2046		5,000		4,970,069

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		42

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds		4.00%		09/01/2045	$	5,635	$	5,717,927
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		3,000		2,951,202
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2045		1,000		1,097,893
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2049		1,000		1,095,224
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds		4.00%		08/01/2046		100		99,256
Monterey Peninsula Community College District (Election of 2020), Series 2024 B, GO Bonds		4.00%		08/01/2051		1,000		993,688
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00%		08/01/2047		2,000		2,006,988
Mount San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds		4.00%		08/01/2049		515		521,371
Mountain View Whisman School District (Santa Clara County, California) (Election of 2020), Series 2022 B, GO Bonds		4.25%		09/01/2045		5,750		5,951,973
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds		5.00%		08/01/2044		270		294,212
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds		4.00%		08/01/2043		175		176,028
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)^(a)		4.00%		08/01/2044		3,000		3,000,101
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)^(a)		4.00%		08/01/2049		3,885		3,847,918
North Orange County Community College District, Series 2022 C, GO Bonds		4.00%		08/01/2047		2,500		2,536,638
Oak Grove School District, Series 2023 A-2, GO Bonds		5.00%		08/01/2052		3,500		3,864,435
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)^(a)		5.25%		08/01/2048		500		573,113
Ohlone Community College District, Series 2016 C, GO Bonds		4.00%		08/01/2041		20		20,034
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)^(a)		5.00%		08/01/2045		5,000		5,290,958
Palomar Health, Series 2016, Ref. RB		5.00%		11/01/2039		1,000		1,007,284
Peralta Community College District, Series 2016 A, Ref. GO Bonds		4.00%		08/01/2039		200		200,215
Peralta Community College District (Election of 2006), Series 2016 D, GO Bonds		4.00%		08/01/2039		55		55,059
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)^(a)		4.00%		09/01/2048		7,500		7,545,340
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2041		1,000		1,139,688
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2042		1,000		1,133,525
Regents of the University of California Medical Center, Series 2022 P, RB		4.00%		05/15/2043		1,000		1,011,500
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2047		5,000		5,553,076
Regents of the University of California Medical Center, Series 2022 P, RB		3.50%		05/15/2054		1,000		883,163
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		3.00%		06/01/2049		70		53,472
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00%		06/01/2043		1,100		1,155,762
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB		5.00%		08/15/2053		2,300		2,558,795
Sacramento (County of), CA, Series 2016 A, Ref. RB		5.00%		07/01/2041		2,400		2,479,809
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		2,250		2,314,671
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB		5.00%		12/01/2044		800		801,022
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2050		2,400		2,642,589
Sacramento Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB		5.00%		10/01/2047		5,000		5,169,782
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB		5.25%		08/01/2047		40		43,143
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		5.00%		10/15/2046		1,000		1,099,548
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2023 A, RB		5.25%		10/15/2052		1,115		1,265,150
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		4.00%		07/01/2056		1,000		965,638
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2048		6,620		6,821,364
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2047		5,000		5,009,832
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2047		4,165		4,349,321
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds		4.00%		07/01/2050		14,300		14,343,551
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds		5.00%		07/01/2048		2,000		2,258,123
San Francisco (City & County of), CA Airport Commission, Series 2023, Ref. RB		5.25%		05/01/2048		2,750		3,123,108
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB		5.00%		05/01/2043		5,000		5,685,500
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00%		05/01/2044		2,000		2,002,013
San Francisco (City & County of), CA Public Utilities Commission, Series 2013 B, RB		4.00%		10/01/2042		355		351,248
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB		4.00%		11/01/2039		1,000		1,007,643
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB		4.00%		10/01/2043		535		535,986
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB		4.00%		10/01/2051		1,000		998,055
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB		4.00%		11/01/2040		1,000		1,059,657

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		43

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB		3.00%		07/01/2044	$	205	$	172,485
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2047		2,000		2,093,561
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		3.00%		08/01/2041		3,000		2,697,155
San Jose (City of), CA, Series 2017 B, Ref. RB		5.00%		03/01/2042		1,300		1,358,632
San Jose (City of), CA, Series 2017 B, Ref. RB		5.00%		03/01/2047		1,500		1,557,762
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB		5.00%		11/01/2047		1,000		1,130,047
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO Bonds		4.00%		08/01/2043		10		10,059
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2021 A-1, RB		3.00%		06/15/2046		1,500		1,235,239
San Mateo Union High School District (Election of 2020), Series 2023 C, GO Bonds		4.00%		09/01/2043		750		776,947
San Rafael City High School District (Election of 2022), Series 2024 B, GO Bonds		4.00%		08/01/2053		1,500		1,493,942
Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds		3.50%		07/01/2042		150		143,651
Santa Clarita Community College District (Elecion of 2016), Series 2022, GO Bonds		5.25%		08/01/2048		1,000		1,116,538
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2046		4,000		4,012,452
Southern California Public Power Authority, Series 2023-1A, RB		5.00%		07/01/2048		1,000		1,133,340
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2045		2,000		2,057,329
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2049		1,000		1,020,492
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		9,500		9,810,620
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2043		1,100		1,183,135
University of California, Series 2018 O, Ref. RB		5.50%		05/15/2058		750		808,803
University of California, Series 2021 BH, Ref. RB		4.00%		05/15/2051		1,000		991,144
University of California, Series 2022 BK, RB		5.00%		05/15/2052		4,500		4,977,130
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2041		2,000		2,321,752
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2042		2,000		2,312,108
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2043		2,000		2,299,198
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2040		825		840,037
University of California (Limited), Series 2016 K, RB		4.00%		05/15/2046		275		274,581
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2043		1,500		1,610,917
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2058		700		741,326
University of California (Limited), Series 2021 Q, Ref. RB		4.00%		05/15/2051		1,000		983,045
Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB		4.00%		08/01/2050		200		197,862
Vacaville Unified School District, Series 2020 D, GO Bonds		4.00%		08/01/2045		575		575,683
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.), Series 2014, RB		5.00%		06/01/2044		1,085		1,087,181

								454,046,419

Colorado-2.54%
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB		5.00%		03/01/2047		2,000		2,059,850
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		4.00%		11/15/2046		4,500		4,365,502
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		4.00%		11/15/2050		15,000		14,145,852
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		3.00%		11/15/2051		9,000		6,810,674
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB		5.50%		11/01/2047		1,500		1,637,603
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB		5.25%		11/01/2052		900		954,079
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.00%		11/01/2041		1,000		686,950
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.25%		11/01/2045		1,000		676,970
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2042		1,000		1,020,903
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2044		750		764,987
Denver (City & County of), CO, Series 2021 A, RB		4.00%		08/01/2051		1,000		972,657
Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, RB		5.00%		09/15/2047		5,000		5,204,838
Denver City & County School District No. 1, Series 2021, GO Bonds		3.00%		12/01/2043		3,970		3,324,999
Denver City & County School District No. 1, Series 2021, GO Bonds		4.00%		12/01/2045		2,000		2,018,918
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2042		1,000		1,121,347

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		44

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2045	$	700	$	777,423
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00%		09/01/2040		2,725		2,739,399
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB		5.00%		12/01/2044		5,000		5,247,674
Weld County School District No. 6 Greeley, Series 2021, GO Bonds		4.00%		12/01/2045		750		743,652
Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds		5.00%		12/01/2044		3,550		3,818,701
Weld County School District No. RE-4, Series 2023, GO Bonds		5.25%		12/01/2047		5,000		5,624,289
Weld County School District No. RE-5J, Series 2021, GO Bonds		4.00%		12/01/2045		4,000		3,989,071

								68,706,338

Connecticut-0.56%
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2038		1,000		1,075,210
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2040		3,000		3,280,008
Connecticut (State of), Series 2020 A, RB		3.13%		05/01/2040		1,000		891,926
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2039		1,000		884,781
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2039		800		827,543
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2040		600		616,003
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2041		1,000		1,109,098
Connecticut (State of), Series 2021 D, RB		4.00%		11/01/2039		1,200		1,243,990
Connecticut (State of), Series 2021 D, RB		4.00%		11/01/2040		750		771,042
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2041		250		279,086
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB		5.00%		07/01/2039		300		343,383
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB		5.25%		07/01/2040		750		869,313
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB		5.00%		07/01/2041		750		846,518
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB		5.25%		07/01/2042		600		687,358
University of Connecticut, Series 2018 A, RB		5.00%		11/15/2043		1,450		1,542,411

								15,267,670

Delaware-0.09%
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB		4.00%		07/01/2043		500		489,444
Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB		4.00%		10/01/2049		1,000		962,577
Delaware (State of) Transportation Authority, Series 2015, RB		5.00%		06/01/2055		1,000		1,010,435

								2,462,456

District of Columbia-1.15%
District of Columbia, Series 2015 A, GO Bonds		4.00%		06/01/2040		500		490,535
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2041		1,000		1,028,508
District of Columbia, Series 2017 D, GO Bonds		5.00%		06/01/2042		1,100		1,148,201
District of Columbia, Series 2018 A, GO Bonds		5.00%		06/01/2043		3,800		4,014,428
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2044		45		48,118
District of Columbia, Series 2019 A, RB		4.00%		03/01/2040		100		101,930
District of Columbia, Series 2019 A, RB		4.00%		03/01/2044		1,100		1,101,772
District of Columbia, Series 2020 A, RB		2.63%		03/01/2045		1,000		754,523
District of Columbia, Series 2020 A, RB		4.00%		03/01/2045		500		498,907
District of Columbia, Series 2020 C, RB		4.00%		05/01/2045		1,200		1,196,067
District of Columbia, Series 2020 C, RB		5.00%		05/01/2045		1,000		1,082,343
District of Columbia, Series 2021 D, GO Bonds		5.00%		02/01/2046		1,000		1,090,288
District of Columbia, Series 2022 A, RB		5.00%		07/01/2040		1,000		1,134,385
District of Columbia, Series 2022 A, RB		5.00%		07/01/2041		1,000		1,129,460
District of Columbia, Series 2022 A, RB		5.00%		07/01/2042		1,010		1,136,159
District of Columbia Water & Sewer Authority (Green Bonds), Series 2019 A, RB		5.00%		10/01/2044		15		16,161
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 C-1, RB		4.00%		10/01/2051		15		14,896
Metropolitan Washington Airports Authority, Series 2022, Ref. RB, (INS - AGM)^(a)		4.00%		10/01/2052		1,600		1,532,926
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 A, Ref. RB		5.00%		10/01/2044		1,500		1,575,575
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 B, Ref. RB		4.00%		10/01/2049		1,000		940,582
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 B, Ref. RB, (INS - AGM)^(a)		3.00%		10/01/2050		5,555		4,254,119

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		45

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-(continued)
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045	$	2,500	$	2,691,190
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2039		125		127,340
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		3.00%		07/15/2040		250		218,395
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2041		100		110,956
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		3.00%		07/15/2043		200		166,863
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2043		200		199,422
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2046		1,125		1,110,454
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2046		1,125		1,220,093
Washington Metropolitan Area Transit Authority Dedicated Revenue, Series 2023 A, RB		4.13%		07/15/2047		1,000		1,000,121

								31,134,717

Florida-4.40%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB		4.00%		12/01/2049		1,300		1,210,854
Bay County School Board, Series 2022 A, COP, (INS - AGM)^(a)		4.25%		07/01/2047		300		304,158
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2014, Ref. RB^(c)(d)		5.00%		04/01/2024		10		10,007
Broward (County of), FL, Series 2012 Q-1, RB		4.00%		10/01/2042		330		329,990
Broward (County of), FL (Convention Center Expansion), Series 2021, RB		4.00%		09/01/2047		1,000		969,251
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2039		260		259,645
Central Florida Expressway Authority, Series 2018, RB		5.00%		07/01/2048		1,000		1,047,552
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)		4.00%		07/01/2039		500		513,671
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)		2.50%		07/01/2040		1,500		1,181,380
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB		5.00%		04/01/2048		2,000		2,045,183
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		08/15/2050		5,000		3,804,161
Florida (State of) Department of Transportation, Series 2021 C, RB		3.00%		07/01/2046		100		82,008
Florida (State of) Department of Transportation, Series 2022, RB		5.00%		07/01/2047		25		27,300
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)^(a)		4.00%		02/01/2046		2,500		2,402,425
Fort Lauderdale (City of), FL, Series 2023 A, RB		5.50%		09/01/2048		4,000		4,597,905
Fort Lauderdale (City of), FL, Series 2023 A, RB		5.50%		09/01/2053		2,000		2,283,340
Fort Lauderdale (City of), FL, Series 2023, RB		5.50%		09/01/2048		1,500		1,724,214
Fort Lauderdale (City of), FL, Series 2023, RB		5.50%		09/01/2053		800		913,336
Fort Myers (City of), FL, Series 2019 A, Ref. RB		4.00%		10/01/2044		250		251,124
Fort Myers (City of), FL, Series 2023, Ref. RB		5.50%		10/01/2049		1,000		1,144,100
Fort Myers (City of), FL, Series 2023, Ref. RB		5.25%		10/01/2053		1,000		1,114,162
Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGM)^(a)		4.00%		10/01/2052		2,500		2,355,743
Halifax Hospital Medical Center, Series 2016, Ref. RB		3.75%		06/01/2041		70		63,531
Halifax Hospital Medical Center, Series 2016, Ref. RB		4.00%		06/01/2046		165		155,638
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB		5.00%		10/01/2048		1,745		1,836,272
Jacksonville (City of), FL, Series 2023 A, Ref. RB		5.25%		10/01/2048		3,000		3,350,255
JEA Water & Sewer System, Series 2024 A, Ref. RB		5.25%		10/01/2049		1,000		1,122,382
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB		5.00%		11/15/2040		1,050		1,056,947
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB		5.00%		11/15/2045		500		503,146
Miami (City of) & Dade (County of), FL Health Facilities Authority, Series 2017, Ref. RB		4.00%		08/01/2047		500		487,037
Miami (City of), FL, Series 2023 A, RB		5.00%		03/01/2048		2,000		2,201,404
Miami (City of), FL, Series 2023 A, RB		5.25%		03/01/2053		1,000		1,109,155
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2040		3,515		3,561,505
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045		2,000		2,009,635
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds		4.00%		05/01/2049		6,000		5,901,395
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		4.00%		11/15/2046		2,190		2,096,707
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		4.00%		11/15/2051		2,000		1,838,252
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)^(a)		5.00%		02/01/2040		4,000		4,002,057
Miami-Dade (County of), FL, Series 2014 A, GO Bonds		4.00%		07/01/2042		45		45,100
Miami-Dade (County of), FL, Series 2016, Ref. RB		4.00%		10/01/2040		30		29,576
Miami-Dade (County of), FL, Series 2017 A, RB		4.00%		10/01/2044		1,155		1,158,362
Miami-Dade (County of), FL, Series 2017 A, RB		3.38%		10/01/2047		5,000		4,137,890

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		46

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Miami-Dade (County of), FL, Series 2017 A, RB		4.00%		10/01/2047	$	50	$	49,351
Miami-Dade (County of), FL, Series 2019 B, RB		4.00%		10/01/2044		1,000		1,004,384
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2039		150		154,557
Miami-Dade (County of), FL, Series 2021, RB		3.00%		10/01/2040		175		148,355
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2041		200		203,698
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2042		200		202,319
Miami-Dade (County of), FL, Series 2021, RB		3.00%		10/01/2043		250		202,255
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2044		175		175,948
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2046		530		526,165
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2048		250		244,833
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2051		300		289,697
Miami-Dade (County of), FL, Subseries 2021 A-2, Ref. RB, (INS - AGM)^(a)		3.00%		10/01/2050		50		38,459
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2040		1,000		1,006,680
Miami-Dade (County of), FL Transit System, Series 2022, RB		5.00%		07/01/2049		15		16,150
Mid-Bay Bridge Authority, Series 2015 A, Ref. RB		5.00%		10/01/2040		125		126,070
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, RB		5.00%		10/01/2047		30		31,183
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB		5.00%		10/01/2053		1,000		1,064,736
Orlando (City of), FL, Series 2018 B, RB		5.00%		10/01/2048		5,685		6,016,688
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB		5.00%		11/01/2047		1,250		1,283,513
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB		5.00%		11/01/2052		1,500		1,529,458
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, RB		5.00%		05/15/2053		1,000		826,144
Pasco (City of), FL, Series 2014 B, RB		4.00%		10/01/2044		1,000		993,687
Pasco (City of), FL, Series 2023, RB, (INS - AGM)^(a)		5.00%		09/01/2048		300		321,960
Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 B, Ref. PCR		5.00%		03/15/2042		700		728,601
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		4.00%		08/15/2042		1,000		959,527
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		4.00%		08/15/2047		1,000		940,378
St. Lucie County School Board, Series 2023 A, COP, (INS - AGM)^(a)		5.00%		07/01/2048		4,855		5,263,104
St. Lucie County School Board, Series 2023 A, COP, (INS - AGM)^(a)		5.25%		07/01/2053		5,000		5,496,457
St. Petersburg (City of), FL, Series 2016 B, Ref. RB		3.00%		10/01/2039		25		22,076
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB		5.00%		12/01/2055		280		279,763
Tampa (City of)& Hillsborough (County of), FL Expressway Authority, Series 2017 B, Ref. RB		4.00%		07/01/2042		800		782,348
Tampa (City of)& Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00%		07/01/2048		2,000		2,085,374
Tampa (City of)& Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00%		07/01/2047		5,000		5,158,433
Tampa (City of), FL, Series 2016 A, RB		5.00%		11/15/2046		1,750		1,780,261
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.00%		10/01/2047		1,500		1,645,566
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.00%		10/01/2052		1,000		1,086,727
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		4.00%		07/01/2045		2,500		2,405,935
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		5.00%		07/01/2050		3,250		3,399,475
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB		5.25%		10/01/2047		1,400		1,560,766
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB		5.00%		10/01/2052		1,500		1,634,674
Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, (INS - BAM)^(a)		5.00%		10/01/2052		2,010		2,120,718

								119,044,228

Georgia-2.05%
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2040		2,800		2,842,395
Atlanta (City of), GA, Series 2018 B, RB		5.00%		11/01/2047		5,000		5,194,231
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2038		1,000		1,149,254
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2039		1,000		1,147,540
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2040		1,000		1,140,457
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2041		1,000		1,134,949

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		47

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-(continued)
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2042	$	1,000	$	1,130,442
Atlanta Development Authority (The), Series 2015 A-1, RB		5.25%		07/01/2040		300		306,533
Augusta (City of), GA, Series 2012, Ref. RB, (INS - AGM)^(a)		3.50%		10/01/2042		100		91,277
Burke (County of), GA Development Authority (Georgia Transmission Corporation Vogtle), Series 2012, Ref. RB		2.75%		01/01/2052		2,000		1,385,205
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB		5.00%		04/01/2050		850		886,626
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, RAC		4.00%		04/01/2052		1,000		943,190
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2040		1,000		1,127,729
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2041		1,000		1,123,171
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB		4.00%		04/01/2050		1,000		945,912
Gainesville (City of)& Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB		5.50%		02/15/2042		2,000		2,106,499
Gainesville (City of)& Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		2.50%		02/15/2051		1,000		653,210
Gainesville (City of)& Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		3.00%		02/15/2051		1,000		763,429
Gainesville (City of)& Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		4.00%		02/15/2051		4,000		3,804,268
George L Smith II Congress Center Authority (Convention Center Hotel), Series 2021, RB		4.00%		01/01/2054		1,100		979,545
Georgia (State of) Municipal Electric Authority, Series 2019 A, Ref. RB		5.00%		01/01/2044		750		776,685
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)^(a)		5.00%		01/01/2062		2,305		2,368,702
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)^(a)		5.00%		01/01/2062		4,500		4,624,364
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB		4.50%		07/01/2063		3,000		2,997,148
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)^(a)		5.00%		07/01/2055		2,000		2,078,716
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)^(a)		5.00%		07/01/2064		5,000		5,196,789
Georgia (State of) Ports Authority, Series 2022, RB		4.00%		07/01/2047		1,000		996,958
Georgia (State of) Ports Authority, Series 2022, RB		4.00%		07/01/2052		1,410		1,381,766
Glynn (County of)& Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC		5.00%		08/01/2047		3,000		3,010,118
Main Street Natural Gas, Inc., Series 2019 A, RB		5.00%		05/15/2043		800		820,683
Main Street Natural Gas, Inc., Series 2019 A, RB		5.00%		05/15/2049		1,500		1,608,774
Metropolitan Atlanta Rapid Transit Authority, Series 2015 B, RB		5.00%		07/01/2045		20		20,566
Metropolitan Atlanta Rapid Transit Authority, Series 2017 C, Ref. RB		3.25%		07/01/2039		300		276,909
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB		4.00%		10/01/2046		500		488,417

								55,502,457

Guam-0.04%
Guam (Territory of) Waterworks Authority, Series 2016, RB		5.00%		01/01/2046		1,200		1,217,005

Hawaii-0.19%
Honolulu (City & County of), HI, Series 2018 A, RB		5.00%		07/01/2047		500		523,598
Honolulu (City & County of), HI, Series 2019 A, RB		5.00%		07/01/2049		1,500		1,600,005
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB		4.13%		07/01/2047		3,000		3,017,422

								5,141,025

Idaho-0.07%
Idaho (State of) Housing & Finance Association, Series 2022, RB		5.00%		08/15/2047		1,765		1,943,511

Illinois-4.45%
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)^(a)		5.25%		01/01/2042		2,500		2,603,435
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)^(a)		4.00%		01/01/2052		7,000		6,697,204
Chicago (City of), IL, Series 2019 A, GO Bonds		5.00%		01/01/2044		2,000		2,050,686
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2049		1,500		1,556,422
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)^(a)		5.25%		01/01/2048		1,000		1,096,815

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		48

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)^(a)		5.25%		11/01/2048	$	1,000	$	1,100,276
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)^(a)		5.25%		01/01/2053		1,500		1,637,932
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)^(a)		5.00%		11/01/2039		250		280,224
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2039		250		273,656
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2040		200		217,709
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2041		225		239,619
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds		5.50%		01/01/2043		250		264,653
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB		4.13%		01/01/2040		170		170,219
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB		5.00%		01/01/2046		1,250		1,258,662
Chicago (City of), IL (O’Hare International Airport), Series 2016 B, Ref. RB		5.00%		01/01/2041		1,000		1,019,564
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2048		1,000		1,053,088
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)^(a)		4.00%		01/01/2053		6,375		6,230,435
Chicago (City of), IL Board of Education, Series 2016, RB		6.00%		04/01/2046		2,000		2,097,461
Chicago (City of), IL Board of Education, Series 2023, RB		5.75%		04/01/2048		1,000		1,105,591
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB		5.00%		01/01/2046		20		20,235
Chicago (City of), IL Transit Authority, Series 2014, RB		5.00%		12/01/2044		5,000		5,009,688
Chicago (City of), IL Transit Authority, Series 2014, RB		5.25%		12/01/2049		5,560		5,582,025
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)^(a)		5.00%		12/01/2051		1,000		1,022,140
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB		5.00%		12/01/2052		600		618,244
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB		5.00%		12/01/2057		815		837,319
Cook County Community College District No. 508 (City Colleges of Chicago), Series 2013, GO Bonds^(c)(d)		5.25%		04/23/2024		500		501,235
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB		3.00%		05/15/2047		2,500		1,875,872
Illinois (State of), Series 2014, GO Bonds		5.00%		02/01/2039		1,000		1,000,377
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2039		1,000		1,000,786
Illinois (State of), Series 2020, GO Bonds		5.50%		05/01/2039		1,500		1,658,303
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2046		1,000		1,055,282
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2042		2,000		2,232,515
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2047		1,500		1,643,689
Illinois (State of), Series 2023 B, GO Bonds		5.25%		05/01/2040		250		277,253
Illinois (State of), Series 2023 B, GO Bonds		5.25%		05/01/2041		250		275,755
Illinois (State of), Series 2023 B, GO Bonds		5.25%		05/01/2042		250		274,477
Illinois (State of), Series 2023 B, GO Bonds		5.25%		05/01/2043		200		218,817
Illinois (State of), Series 2023 B, GO Bonds		5.50%		05/01/2047		1,000		1,096,915
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		02/15/2041		1,000		1,021,003
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2039		2,250		2,275,087
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2040		1,350		1,356,971
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2041		1,350		1,349,857
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		3.00%		08/15/2048		1,000		765,321
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2048		1,400		1,334,724
Illinois (State of) Finance Authority (Chicago LLC - University of Chicago), Series 2017 A, RB		5.00%		02/15/2047		1,000		974,658
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB^(c)		5.00%		07/15/2042		1,000		1,041,259
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB^(c)		4.00%		07/15/2047		1,600		1,551,039
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		5.00%		11/15/2045		160		161,891
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB		3.00%		05/15/2050		4,000		2,893,920
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB		4.00%		05/15/2050		4,570		4,160,291
Illinois (State of) Finance Authority (Presence Health Network), Series 2016, RB		4.00%		02/15/2041		1,550		1,511,986
Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB		5.00%		10/01/2040		860		870,343
Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB		5.25%		05/15/2048		3,000		3,333,676
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2016 B, Ref. RB		4.00%		08/15/2041		250		248,255
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB		5.00%		08/15/2047		115		122,828
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2050		1,500		1,344,318
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2055		1,450		1,257,077
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB		5.00%		06/15/2042		1,000		1,053,259
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB		4.00%		12/15/2042		1,000		988,035

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		49

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB		4.00%		12/15/2047	$	1,000	$	949,838
Illinois (State of) Regional Transportation Authority, Series 2016 A, RB		4.00%		06/01/2046		130		130,070
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2042		5,000		5,264,138
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2041		4,000		4,416,590
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2045		2,500		2,698,343
Illinois (State of) Toll Highway Authority, Series 2021 A, RB		5.00%		01/01/2046		1,000		1,086,108
Illinois (State of) Toll Highway Authority, Series 2023 A, RB		5.00%		01/01/2042		1,500		1,674,905
Illinois (State of) Toll Highway Authority, Series 2023 A, RB		5.25%		01/01/2043		1,500		1,696,264
Illinois (State of) Toll Highway Authority, Series 2023 A, RB		5.00%		01/01/2044		1,000		1,103,612
Illinois (State of) Toll Highway Authority, Series 2023 A, RB		5.25%		01/01/2045		2,000		2,228,211
Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB		5.00%		01/01/2039		1,000		1,162,632
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB		4.00%		12/01/2041		10		9,977
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2040		5,200		5,422,037
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)^(a)		4.00%		01/01/2040		2,000		2,014,520
Sangamon (County of), IL School District No. 186 (Springfield), Series 2023, GO Bonds, (INS - AGM)^(a)		4.50%		06/01/2063		750		753,626
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB		4.00%		10/15/2040		15		15,002
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)^(a)		5.00%		03/01/2040		3,000		3,018,094

								120,414,343

Indiana-0.95%
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)^(a)		5.63%		07/15/2053		1,000		1,127,401
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)^(a)		5.75%		07/15/2058		2,000		2,262,835
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)^(a)		5.75%		01/15/2063		2,000		2,261,103
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB		4.00%		11/01/2051		1,000		925,271
Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB		5.25%		10/01/2047		1,500		1,621,268
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019 A, RB		4.00%		12/01/2049		1,000		952,416
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB		5.00%		11/15/2046		3,000		3,070,772
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2044		5,000		5,295,232
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2049		6,500		6,820,559
Northern Indiana Commuter Transportation District, Series 2016, RB		5.00%		07/01/2041		1,250		1,275,443

								25,612,300

Iowa-0.27%
Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB		4.75%		08/01/2042		2,000		1,982,957
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB^(c)		5.00%		12/01/2042		2,900		3,065,923
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB		5.00%		12/01/2050		1,700		1,790,906
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB		5.00%		12/01/2046		500		517,303

								7,357,089

Kansas-0.20%
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)^(a)		5.00%		09/01/2042		1,500		1,641,556
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)^(a)		5.00%		09/01/2047		1,250		1,343,422
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2040		1,000		1,013,880
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2045		1,500		1,516,487

								5,515,345

Kentucky-0.25%
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB		5.00%		08/15/2041		1,000		1,027,296
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)^(a)		5.00%		12/01/2045		1,000		1,041,479
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)^(a)		5.00%		12/01/2047		470		470,069
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB		5.00%		07/01/2040		810		813,104

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		50

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Kentucky-(contlnued)
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB	5.00%	01/01/2045	$	1,000	$	1,001,189
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB	5.25%	06/01/2041		1,000		1,020,317
Kentucky Bond Development Corp., Series 2018, RB	4.00%	09/01/2048		155		147,510
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)^(a)	5.00%	05/15/2047		1,015		1,080,231
Louisville (City of)& Jefferson (County of), KY Visitors and Convention Commission, Series 2016, RB	3.13%	06/01/2041		190		163,965
University of Kentucky, Series 2014 A, RB, (CEP - Colorado Higher Education Intercept Program)	4.00%	04/01/2044		5		4,981

					6,770,141

Loulsiana-0.83%
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)^(a)	5.00%	11/01/2047		2,000		2,022,228
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)^(a)	5.00%	12/01/2042		2,750		2,859,293
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)^(a)	5.00%	10/01/2048		3,500		3,572,754
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman’s Hospital Foundation), Series 2017 A, Ref. RB	5.00%	10/01/2041		3,285		3,387,974
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of Our Lady Health System), Series 2017 A, RB	5.00%	07/01/2047		1,000		1,017,645
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)^(a)	3.00%	06/01/2050		6,500		4,996,631
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB	3.00%	05/15/2047		1,215		925,184
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB	4.00%	05/15/2049		235		219,588
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB	5.00%	10/15/2048		1,000		1,088,491
New Orleans (City of), LA, Series 2021 A, GO Bonds	5.00%	12/01/2046		1,000		1,070,267
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)^(a)	4.00%	12/01/2049		1,250		1,186,787

					22,346,842

Maine-0.26%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(a)	4.00%	07/01/2039		330		336,036
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB	4.00%	07/01/2045		2,000		1,968,800
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB	4.00%	07/01/2050		4,500		4,326,487
Maine (State of) Turnpike Authority, Series 2020, RB	4.00%	07/01/2045		300		297,994

					6,929,317

Maryland-0.93%
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB	5.00%	09/01/2039		1,000		994,372
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB	5.00%	09/01/2042		500		485,232
Baltimore (City of), MD (Water), Series 2017 A, RB	5.00%	07/01/2046		9,510		9,748,404
Baltimore (City of), MD (Water), Series 2020 A, RB	5.00%	07/01/2050		600		639,875
Baltimore (County of), MD (Riderwood Village, Inc.), Series 2020, Ref. RB	4.00%	01/01/2045		1,000		935,965
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2017, RB	4.00%	07/01/2048		1,000		951,190
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health), Series 2015, Ref. RB	5.00%	07/01/2047		1,000		1,008,073
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2015, Ref. RB	5.00%	08/15/2042		1,000		1,006,210
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB	5.00%	05/15/2042		2,000		2,044,584
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB	5.00%	05/15/2045		1,100		1,118,606
Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)	5.00%	05/01/2042		1,000		1,052,724
Maryland (State of) Stadium Authority, Series 2022 A, RB	4.00%	06/01/2047		1,000		989,506
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB	4.00%	06/01/2046		300		297,375
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB	5.00%	07/01/2046		1,000		1,092,772

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		51

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Maryland-(contlnued)
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB	5.00%	07/01/2051	$	1,000	$	1,080,063
Montgomery (County of), MD (Trinity Health Credit Group), Series 2015, RB	5.00%	12/01/2044		1,650		1,667,676

						25,112,627

Massachusetts-4.61%
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds	5.00%	07/01/2040		1,000		1,020,788
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds	4.00%	09/01/2042		1,100		1,099,779
Massachusetts (Commonwealth of), Series 2015, GO Bonds^(c)(d)	4.00%	04/19/2024		130		130,070
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds^(c)(d)	5.00%	04/19/2024		125		125,245
Massachusetts (Commonwealth of), Series 2016 B, RB	4.00%	06/01/2046		800		786,090
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds	3.00%	04/01/2041		55		47,899
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds	4.00%	04/01/2046		1,000		985,572
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds	4.00%	12/01/2044		2,900		2,889,001
Massachusetts (Commonwealth of), Series 2016, GO Bonds	4.00%	09/01/2042		1,725		1,724,653
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds	5.00%	04/01/2042		4,210		4,392,285
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB	5.00%	06/01/2043		5,000		5,257,739
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds	3.50%	02/01/2040		500		471,732
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds	5.00%	11/01/2041		8,000		8,423,478
Massachusetts (Commonwealth of), Series 2017, GO Bonds	3.25%	02/01/2039		275		256,203
Massachusetts (Commonwealth of), Series 2017, GO Bonds	4.00%	02/01/2044		250		249,081
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds	5.25%	09/01/2043		10		10,749
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds	5.25%	01/01/2044		1,675		1,805,805
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds	5.00%	01/01/2049		5,000		5,253,266
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds	5.00%	05/01/2044		120		128,032
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds	5.00%	11/01/2045		2,500		2,703,072
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds	5.00%	11/01/2050		3,500		3,730,690
Massachusetts (Commonwealth of), Series 2020, GO Bonds	5.00%	07/01/2045		1,000		1,077,602
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB	5.00%	06/01/2042		750		832,948
Massachusetts (Commonwealth of), Series 2021, GO Bonds	5.00%	09/01/2051		1,000		1,071,568
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds	4.00%	02/01/2042		1,000		1,025,798
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds	5.00%	11/01/2048		17,320		18,860,902
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds	5.00%	10/01/2052		1,000		1,090,491
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds	5.00%	10/01/2053		1,100		1,198,167
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds	5.00%	01/01/2049		2,000		2,193,653
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds	5.00%	01/01/2054		2,500		2,723,627
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB	5.25%	06/01/2043		5,000		5,338,583
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB	5.00%	06/01/2045		3,000		3,047,629
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 A, RB	5.00%	07/01/2045		460		466,891
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB	5.00%	07/01/2050		5,580		5,833,843
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB	4.00%	07/01/2053		1,000		983,805
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2022 A, Ref. RB	5.00%	07/01/2052		200		217,127
Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, Ref. RB	4.00%	04/01/2041		165		165,587
Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB	5.00%	07/01/2044		1,000		991,515
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 1999 P, RB	5.45%	05/15/2059		280		311,607
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB	5.25%	07/01/2048		1,000		1,087,941
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB	5.00%	07/01/2044		130		130,046
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Sustainability Bonds), Series 2023, Ref. RB	5.25%	07/01/2052		1,500		1,619,178
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB	4.00%	10/01/2046		145		143,316
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB	5.00%	10/01/2046		4,500		4,603,093

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		52

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB	5.00%	12/01/2041	$	2,665	$	2,749,108
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB	5.00%	12/01/2046		2,000		2,045,197
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 A, Ref. RB	4.00%	10/01/2046		120		104,754
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB	5.00%	10/01/2044		1,500		1,678,920
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2013, RB	4.00%	07/01/2043		240		235,358
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2016 I, Ref. RB	5.00%	07/01/2041		1,000		1,008,745
Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System Obligated Group), Series 2021 G, Ref. RB	5.00%	07/01/2050		1,000		1,040,542
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)^(a)	3.00%	10/01/2045		3,500		2,698,116
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)^(a)	4.00%	10/01/2045		1,500		1,457,406
Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2017 S, RB	4.00%	07/01/2046		145		145,009
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB	5.00%	11/15/2046		3,075		3,158,268
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB	4.00%	02/15/2043		100		99,654
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB	5.25%	02/15/2048		1,000		1,061,526
Massachusetts (Commonwealth of) Water Resources Authority, Series 2018 B, RB	5.00%	08/01/2043		5,000		5,285,737
University of Massachusetts Building Authority, Series 2020 1, RB	5.00%	11/01/2050		5,000		5,344,166

						124,618,652

Michigan-1.85%
Lansing (City of), Ml Board of Water & Light, Series 2019 A, RB	5.00%	07/01/2044		25		26,673
Lansing (City of), Ml Board of Water & Light, Series 2021 A, RB	5.00%	07/01/2051		750		802,759
Lansing (City of), Ml Board of Water & Light, Series 2024 A, Ref. RB	5.00%	07/01/2049		1,000		1,101,436
Lansing (City of), Ml Board of Water & Light, Series 2024 A, Ref. RB	5.00%	07/01/2054		1,000		1,086,069
Michigan (State of), Series 2020 B, RB	4.00%	11/15/2038		1,500		1,559,555
Michigan (State of), Series 2020 B, RB	4.00%	11/15/2045		1,300		1,309,310
Michigan (State of), Series 2020, RB	4.00%	11/15/2040		300		308,314
Michigan (State of), Series 2021 A, RB	4.00%	11/15/2044		1,000		1,017,976
Michigan (State of), Series 2021, RB	4.00%	11/15/2041		1,045		1,071,451
Michigan (State of), Series 2023, RB	5.00%	11/15/2040		100		114,821
Michigan (State of), Series 2023, RB	5.50%	11/15/2044		1,000		1,166,180
Michigan (State of), Series 2023, RB	5.00%	11/15/2046		640		714,440
Michigan (State of), Series 2023, RB	5.50%	11/15/2049		1,100		1,265,003
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB	5.00%	10/15/2045		800		812,937
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB	5.00%	10/15/2050		600		607,566
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB	5.00%	04/15/2041		750		776,074
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB	5.00%	10/15/2047		1,000		1,089,872
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB	4.00%	10/15/2052		1,000		970,776
Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB	4.00%	10/15/2047		750		750,471
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB	5.00%	12/01/2041		150		159,157
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB	5.00%	11/01/2044		1,000		1,014,456
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB	5.00%	11/01/2043		155		164,337
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB	5.00%	11/15/2041		1,000		1,024,692
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB	4.00%	11/15/2046		835		782,145
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2019 A, RB	4.00%	11/15/2050		1,000		912,140
Michigan (State of) Finance Authority (Local Government Loan Program), Series 2014, RB	5.00%	07/01/2039		300		300,595
Michigan (State of) Finance Authority (Local Government Loan Program), Series 2014, RB	5.00%	07/01/2044		500		500,646
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB	5.00%	02/15/2039		390		411,653
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB	4.00%	02/15/2044		1,000		969,859

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		53

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Michigan-(continued)
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB	4.00%	02/15/2047	$	115	$	108,904
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB	5.00%	12/01/2045		1,000		1,019,700
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB	5.00%	12/01/2042		1,500		1,557,494
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB	4.00%	12/01/2040		1,490		1,488,656
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB	4.00%	12/01/2046		540		525,995
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB	3.00%	12/01/2049		2,440		1,885,323
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB	4.00%	12/01/2049		540		515,924
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB	4.00%	12/01/2048		2,500		2,400,085
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB	4.00%	12/01/2047		1,100		1,070,955
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB	5.00%	11/15/2047		3,000		3,142,629
Michigan State University Board of Trustees, Series 2019 B, RB	5.00%	02/15/2044		1,250		1,335,916
Michigan State University Board of Trustees, Series 2019 B, RB	5.00%	02/15/2048		250		265,459
Pontiac School District, Series 2020, GO Bonds	4.00%	05/01/2050		200		193,971
Troy School District, Series 2023, GO Bonds	5.00%	05/01/2047		5,000		5,476,411
University of Michigan, Series 2018 A, RB	5.00%	04/01/2048		1,005		1,061,074
Walled Lake Consolidated School District, Series 2020, GO Bonds	5.00%	05/01/2050		2,500		2,654,686
Wayne (County of), Ml Airport Authority, Series 2015 D, RB	5.00%	12/01/2045		1,000		1,015,161
Wayne (County of), Ml Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB	5.00%	12/01/2040		500		509,916
Wayne State University, Series 2018 A, RB	4.00%	11/15/2048		1,200		1,159,391

						50,179,013

Minnesota-0.32%
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB	5.25%	02/15/2053		1,190		1,223,038
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB	5.25%	02/15/2058		1,000		1,027,373
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB	5.25%	06/15/2047		2,000		2,064,901
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB	5.25%	06/15/2052		1,000		1,022,817
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB	5.00%	01/01/2041		1,000		1,041,987
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB	5.00%	01/01/2046		15		15,526
Minneapolis (City of), MN, Series 2021, RB	4.00%	11/15/2038		155		156,985
Minneapolis (City of), MN (Fairview Health Services), Series 2015 A, Ref. RB	5.00%	11/15/2044		100		101,166
Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB	5.00%	05/01/2047		1,000		923,820
St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB	5.00%	05/01/2048		1,000		1,046,596
Western Minnesota Municipal Power Agency (Red Rock Hydroelectric), Series 2018, RB	5.00%	01/01/2049		10		10,396

						8,634,605

Mississippi-0.04%
Mississippi (State of) Development Bank, Series 2015, Ref. RB, (INS - AGM)^(a)	4.00%	03/01/2041		90		89,822
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB	5.00%	09/01/2041		1,000		1,014,101

						1,103,923

Missouri-0.87%
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB	5.00%	03/01/2036		1,000		1,042,605
Kansas (City of), MO, Series 2024 A, RB	5.00%	12/01/2048		200		220,841
Kansas (City of), MO, Series 2024 A, RB	4.00%	01/01/2049		250		247,153
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB	5.00%	04/01/2040		2,190		2,199,335
Metropolitan St. Louis Sewer District, Series 2016 C, RB^(d)	5.00%	05/01/2046		1,000		1,038,462
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB	5.00%	05/01/2047		750		777,779
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2015 A, RB	4.00%	01/01/2045		520		510,065
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, Ref. RB	3.00%	07/01/2051		2,500		1,879,261

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		54

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2012, RB	4.00%	11/15/2042	$	1,910	$	1,872,527
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB	4.00%	11/15/2045		480		464,615
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB	4.25%	11/15/2048		140		139,170
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB	4.00%	11/15/2047		1,500		1,434,623
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB	5.00%	12/01/2052		500		537,105
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB	4.00%	02/15/2049		5,000		4,818,220
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB	4.00%	06/01/2052		5,000		4,750,734
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB	4.00%	10/01/2042		20		19,949
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB	4.00%	11/15/2042		105		105,088
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB	4.00%	05/15/2048		1,500		1,438,807
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB	5.00%	12/01/2040		40		40,833

						23,537,172

Montana-0.09%
Missoula (City of), MT, Series 2019 A, RB	4.00%	07/01/2044		2,400		2,372,499

Nebraska-0.55%
Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB	5.00%	09/01/2042		1,300		1,408,057
Douglas County Hospital Authority No. 2 (Nebraska Medicine), Series 2016, Ref. RB	3.00%	05/15/2039		80		70,058
Fremont School District, Series 2022, GO Bonds, (INS - AGM)^(a)	4.00%	12/15/2047		750		734,456
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB	5.00%	02/01/2043		150		151,249
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB	5.00%	02/01/2042		600		633,300
Omaha (City of), NE Public Power District, Series 2021 A, RB	5.00%	02/01/2046		700		755,368
Omaha (City of), NE Public Power District, Series 2022 A, RB	4.25%	02/01/2047		1,805		1,833,346
Omaha (City of), NE Public Power District, Series 2022 A, RB	5.00%	02/01/2047		1,250		1,364,455
Omaha (City of), NE Public Power District, Series 2023 A, RB	5.25%	02/01/2048		2,000		2,234,806
Omaha (City of), NE Public Power District, Series 2023 A, RB	5.25%	02/01/2053		2,000		2,207,330
Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB	5.25%	02/01/2053		2,000		2,207,329
University of Nebraska Facilities Corp. (The), Series 2021 A, RB	4.00%	07/15/2059		500		473,292
University of Nebraska Facilities Corp. (The), Series 2021 A, RB	4.00%	07/15/2062		1,000		942,963

					15,016,009

Nevada-0.42%
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB	5.00%	09/01/2047		100		101,317
Clark (County of), NV, Series 2018 A, GO Bonds	5.00%	06/01/2043		1,100		1,160,626
Clark (County of), NV, Series 2022, RB, (INS - AGM)^(a)	4.00%	07/01/2040		475		482,101
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds	5.00%	05/01/2048		1,400		1,462,906
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB	5.00%	07/01/2040		1,035		1,087,972
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB	5.00%	07/01/2043		1,000		1,056,393
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB	4.00%	07/01/2049		2,000		1,883,879
Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB	5.00%	07/01/2049		900		974,623
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds	5.00%	06/01/2039		625		630,978
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds	5.00%	06/01/2041		1,000		1,028,452
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds	5.00%	06/01/2046		75		76,712
Las Vegas Valley Water District, Series 2019 A, Ref. GO Bonds	5.00%	06/01/2039		300		325,899
Las Vegas Valley Water District, Series 2022 A, GO Bonds	4.00%	06/01/2046		1,000		992,335
Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB	5.00%	02/01/2042		5		5,295

						11,269,488

New Hampshire-0.12%
New Hampshire (State of) Business Finance Authority, Series 2021 A, RB	4.00%	07/01/2051		1,000		966,621
New Hampshire (State of) Business Finance Authority (NCCD - Unr Properties LLC - University of Nevada, Reno Project), Series 2023 A, RB, (INS - BAM)^(a)	5.25%	06/01/2051		300		329,214

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		55

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New Hampshire-(continued)
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)^(a)	3.00%	08/15/2046	$	2,210	$	1,789,908
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)^(a)	3.00%	08/15/2051		200		152,489

					3,238,232

New Jersey-3.08%
New Brunswick Parking Authority, Series 2016 A, Ref. RB, (INS - BAM)^(a)	5.00%	09/01/2039		185		190,758
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB	5.25%	11/01/2047		5,000		5,474,297
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB	5.00%	11/01/2052		2,500		2,663,014
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB	4.00%	06/15/2046		500		494,211
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB	4.00%	06/15/2050		500		480,830
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB	5.00%	06/15/2043		750		786,762
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB	4.63%	09/01/2048		1,500		1,552,815
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB	5.25%	09/01/2053		750		825,272
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB	3.00%	07/01/2050		1,000		743,888
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB	4.00%	07/01/2050		2,800		2,582,392
New Jersey (State of) Health Care Facilities Financing Authority, Series 2016, Ref. RB	4.00%	07/01/2048		1,000		902,527
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB	3.00%	07/01/2046		500		385,180
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB	3.00%	07/01/2051		225		169,421
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2021, RB	4.00%	07/01/2051		610		598,390
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB	5.00%	07/01/2042		1,000		1,029,751
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB	5.00%	07/01/2039		750		772,251
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB	5.00%	07/01/2043		1,400		1,432,283
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB	4.00%	07/01/2045		300		296,160
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB	3.00%	07/01/2051		1,000		755,542
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 A, RB, (INS - AGM)^(a)	5.00%	07/01/2046		3,000		3,018,464
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB	4.25%	06/15/2044		935		934,973
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB	5.00%	06/15/2044		715		715,991
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB	5.25%	06/15/2041		1,000		1,016,338
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB	3.25%	06/15/2039		500		466,948
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB	4.00%	06/15/2044		1,115		1,104,074
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB	5.00%	06/15/2044		1,500		1,566,512
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB	3.50%	06/15/2046		500		441,084
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB	4.00%	06/15/2050		1,300		1,250,158
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2039		1,000		1,020,513
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2039		1,000		1,097,705
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2040		1,000		1,013,152
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2040		1,000		1,091,208
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2045		2,200		2,160,071
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2045		1,000		1,066,239
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	3.00%	06/15/2050		1,000		765,884
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2050		2,300		2,211,818
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2050		1,000		1,053,163
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB	4.00%	06/15/2040		160		162,503
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB	4.00%	06/15/2042		250		250,479
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB	4.00%	06/15/2046		1,280		1,246,878

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		56

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2039	$	1,000	$	1,023,140
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2040		1,000		1,014,830
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2041		1,250		1,260,411
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00%		06/15/2042		1,000		1,001,814
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2042		375		413,848
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.25%		06/15/2043		500		557,788
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2044		500		545,317
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.25%		06/15/2046		200		220,224
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2048		300		322,595
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB		5.25%		06/15/2041		1,000		1,135,539
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB		5.00%		06/15/2039		1,000		1,132,767
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2040		600		636,494
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00%		01/01/2042		5,000		5,104,969
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00%		01/01/2051		5,450		5,418,065
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		5.00%		01/01/2042		1,500		1,683,942
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		4.25%		01/01/2043		1,500		1,562,452
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		5.00%		01/01/2046		5,400		6,014,185
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		4.50%		01/01/2048		1,795		1,869,372
New Jersey (State of) Turnpike Authority, Series 2022 B, RB		5.25%		01/01/2052		3,500		3,911,589
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)^(a)		5.00%		12/01/2038		2,500		2,596,951

								83,216,191

New Mexico-0.04%
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB		4.00%		08/01/2046		1,000		965,380

New York-21.97%
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB		5.00%		11/01/2053		2,000		2,211,990
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		04/01/2045		3,000		2,367,266
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		04/01/2050		8,750		6,582,902
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(a)		4.00%		04/01/2050		3,000		2,864,784
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		1,000		1,001,378
Dutchess County Local Development Corp. (Bard College), Series 2020 A, Ref. RB		5.00%		07/01/2051		1,000		1,011,847
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		4.00%		07/01/2041		50		48,024
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB		5.00%		07/01/2042		1,500		1,557,240
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group), Series 2022 A, Ref. RB		5.25%		12/01/2052		800		837,601
Hempstead Town Local Development Corp., Series 2017, Ref. RB		5.00%		07/01/2047		270		278,640
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		5,000		5,205,132
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		4.00%		02/15/2044		1,075		1,065,443
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGM)^(a)		4.00%		02/15/2047		2,500		2,460,092
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		1,350		1,356,348
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2041		100		103,766
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2042		1,300		1,360,886
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2047		600		623,137
Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGM)^(a)		5.00%		09/01/2053		2,500		2,761,275
Metropolitan Transportation Authority, Series 2012 C, RB		4.25%		11/15/2042		95		94,999
Metropolitan Transportation Authority, Series 2013 B, RB		4.00%		11/15/2043		145		142,935
Metropolitan Transportation Authority, Series 2016 C-1, RB		4.00%		11/15/2041		75		73,815
Metropolitan Transportation Authority, Series 2017 B-1, RB		5.00%		11/15/2047		1,000		1,038,052
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		4.00%		11/15/2042		2,200		2,158,951
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		4.00%		11/15/2046		80		77,160
Metropolitan Transportation Authority, Series 2019 C, RB, (INS - AGM)^(a)		4.00%		11/15/2047		370		361,444
Metropolitan Transportation Authority, Subseries 2014 D-1, RB		5.00%		11/15/2039		325		326,905
Metropolitan Transportation Authority, Subseries 2014 D-1, RB		5.25%		11/15/2044		1,050		1,056,427
Metropolitan Transportation Authority, Subseries 2015 A-1, RB		5.00%		11/15/2040		1,000		1,010,229

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		57

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(contlnued)
Metropolitan Transportation Authority, Subseries 2015 A-1, RB	5.00%	11/15/2045	$	200	$	201,464
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB	4.00%	11/15/2051		1,000		988,078
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB	4.00%	11/15/2052		1,000		986,213
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB	5.25%	11/15/2056		1,040		1,062,901
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB	5.00%	11/15/2047		1,300		1,343,347
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB	5.25%	11/15/2057		750		769,327
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB	4.00%	11/15/2038		75		75,325
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB	5.00%	11/15/2052		3,525		3,650,270
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB	4.00%	11/15/2051		2,900		2,763,887
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)^(a)	4.00%	11/15/2041		500		500,793
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)^(a)	4.00%	11/15/2050		5,000		4,879,702
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB	4.75%	11/15/2045		1,000		1,029,686
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB	5.25%	11/15/2055		6,000		6,357,026
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB	4.00%	11/15/2045		1,000		978,631
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB	5.00%	11/15/2046		2,350		2,408,780
Monroe County Industrial Development Corp. (Highland Hospital of Rochester), Series 2017, RB	5.00%	12/01/2046		65		65,792
Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB	4.00%	07/01/2043		480		480,724
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB	4.00%	07/01/2050		2,000		1,944,534
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB	5.00%	11/15/2051		2,000		1,999,894
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB	5.00%	11/15/2056		2,200		2,177,149
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)^(a)	5.00%	04/01/2049		5,000		5,342,554
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB	5.00%	09/01/2039		1,500		1,508,436
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB	5.00%	05/01/2045		3,500		3,541,828
New York & New Jersey (States of) Port Authority, One Hundred Eighty Ninth Series 2015, Ref. RB	5.00%	05/01/2040		1,000		1,015,016
New York & New Jersey (States of) Port Authority, One Hundred Seventy First Series 2012, RB	4.00%	01/15/2042		205		201,864
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB	4.00%	07/15/2040		2,000		2,037,307
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB	5.00%	09/01/2048		5,590		5,894,871
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB	5.00%	07/15/2048		1,000		1,101,662
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB	5.00%	07/15/2053		1,000		1,090,051
New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB	5.25%	10/15/2057		2,400		2,496,547
New York (City of), NY, Series 2016 B-1, GO Bonds	5.00%	12/01/2041		4,955		5,139,898
New York (City of), NY, Series 2019 B-1, GO Bonds	4.00%	10/01/2039		500		510,447
New York (City of), NY, Series 2019 B-1, GO Bonds	5.00%	10/01/2043		90		96,658
New York (City of), NY, Series 2020 C, GO Bonds	4.00%	08/01/2039		1,000		1,027,138
New York (City of), NY, Series 2021 A-1, GO Bonds	5.00%	08/01/2047		3,345		3,595,266
New York (City of), NY, Series 2024 A, GO Bonds^(c)	4.13%	08/01/2053		3,000		2,954,582
New York (City of), NY, Subseries 2014 1-I, GO Bonds	4.00%	03/01/2039		1,195		1,195,046
New York (City of), NY, Subseries 2018 D-1, GO Bonds	5.00%	12/01/2039		500		537,394
New York (City of), NY, Subseries 2018 D-1, GO Bonds	5.00%	12/01/2040		125		133,917
New York (City of), NY, Subseries 2019 A-1, GO Bonds	4.00%	08/01/2040		55		55,939
New York (City of), NY, Subseries 2019 A-1, GO Bonds	4.00%	08/01/2042		1,000		1,005,216
New York (City of), NY, Subseries 2019 A-1, GO Bonds	5.00%	08/01/2043		415		444,866
New York (City of), NY, Subseries 2022 B-1, GO Bonds	5.25%	10/01/2039		500		578,240
New York (City of), NY, Subseries 2022 B-1, GO Bonds	5.25%	10/01/2040		500		573,142
New York (City of), NY, Subseries 2022 B-1, GO Bonds	5.25%	10/01/2041		500		570,040
New York (City of), NY, Subseries 2022 B-1, GO Bonds	5.25%	10/01/2042		500		565,053
New York (City of), NY, Subseries 2022 B-1, GO Bonds	5.25%	10/01/2043		250		281,449
New York (City of), NY, Subseries 2022 B-1, GO Bonds	5.25%	10/01/2047		2,250		2,488,532
New York (City of), NY, Subseries 2022 D-1, GO Bonds	5.25%	05/01/2039		1,000		1,149,788
New York (City of), NY, Subseries 2023 E-1, GO Bonds	5.25%	04/01/2043		1,500		1,698,048
New York (City of), NY, Subseries 2023 E-1, GO Bonds	5.25%	04/01/2044		3,000		3,376,084
New York (City of), NY, Subseries 2023 E-1, GO Bonds	5.25%	04/01/2047		1,500		1,666,810
New York (City of), NY Educational Construction Fund, Series 2021 B, RB, (CEP - Colorado Higher Education Intercept Program)	5.00%	04/01/2052		2,000		2,135,801
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(a)	3.00%	01/01/2040		1,750		1,503,447

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		58

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(a)	3.00%	01/01/2046	$	5,000	$	3,978,323
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)	3.00%	03/01/2049		5,000		3,869,654
New York (City of), NY Municipal Water Finance Authority, Series 2012, RB	4.00%	06/15/2047		1,120		1,085,269
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC, RB	4.00%	06/15/2045		1,500		1,473,420
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, RB	4.50%	06/15/2039		45		45,089
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB	5.00%	06/15/2039		55		56,024
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB	4.00%	06/15/2046		10		9,920
New York (City of), NY Municipal Water Finance Authority, Series 2018 CC, RB	4.00%	06/15/2048		140		136,555
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB	5.00%	06/15/2039		130		139,387
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB	5.00%	06/15/2040		315		336,734
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB	5.00%	06/15/2044		5,000		5,392,752
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB	5.00%	06/15/2049		1,000		1,053,409
New York (City of), NY Municipal Water Finance Authority, Series 2019 EE, Ref. RB	4.00%	06/15/2040		50		50,635
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB	5.00%	06/15/2040		800		872,814
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB	4.00%	06/15/2042		700		706,748
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB	3.00%	06/15/2050		1,000		787,299
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB	4.00%	06/15/2050		2,000		1,960,529
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB	5.00%	06/15/2050		1,000		1,073,132
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB	4.00%	06/15/2042		1,000		1,009,641
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB	5.00%	06/15/2048		3,000		3,251,807
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB	4.00%	06/15/2051		5,000		4,889,545
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB	5.00%	06/15/2044		9,150		10,118,571
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB	4.00%	06/15/2051		1,000		977,909
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB	5.00%	06/15/2047		1,000		1,101,383
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB	5.00%	06/15/2052		2,395		2,585,630
New York (City of), NY Municipal Water Finance Authority, Series 2023 AA-3, Ref. RB	5.00%	06/15/2043		1,000		1,132,480
New York (City of), NY Municipal Water Finance Authority, Series 2023 AA-3, Ref. RB	5.25%	06/15/2048		1,500		1,693,906
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB	4.13%	06/15/2046		5,000		5,033,379
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB	5.00%	06/15/2047		5,000		5,531,242
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB	5.25%	06/15/2047		2,500		2,820,765
New York (City of), NY Municipal Water Finance Authority, Series 2024 AA-1, RB	5.00%	06/15/2053		1,500		1,641,305
New York (City of), NY Municipal Water Finance Authority, Series 2024 AA-1, RB	5.25%	06/15/2053		1,000		1,117,891
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB	4.00%	06/15/2049		2,500		2,449,233
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB	5.00%	06/15/2049		6,165		6,549,330
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB	4.00%	06/15/2041		1,000		1,011,579
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB	5.00%	08/01/2042		330		331,216
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB	5.00%	02/01/2041		1,000		1,011,357
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB	5.00%	07/15/2040		1,000		1,009,013
New York (City of), NY Transitional Finance Authority, Series 2019, RB	4.00%	11/01/2040		5,000		5,054,632
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB	3.00%	11/01/2039		4,000		3,582,415
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB	4.00%	11/01/2038		5,000		5,156,666
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2039		200		204,086
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2040		750		760,432
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2041		200		201,698
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2042		1,500		1,504,942
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2043		1,000		992,186
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2046		900		885,000
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2049		2,000		1,942,776
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	2.25%	02/01/2051		300		187,664
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	3.00%	02/01/2051		425		330,307
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB	5.00%	08/01/2039		1,160		1,323,594
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB	5.25%	08/01/2042		750		852,381
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB	5.00%	08/01/2044		750		830,344
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB	4.00%	08/01/2048		1,250		1,215,949
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2039		3,000		3,068,972
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2040		3,000		3,046,933

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		59

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2041	$	3,000	$	3,028,635
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2042		3,000		3,011,117
New York (City of), NY Transitional Finance Authority, Series 2022, RB	5.00%	02/01/2044		2,000		2,203,186
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2047		3,000		2,931,604
New York (City of), NY Transitional Finance Authority, Series 2022, RB	5.00%	02/01/2047		3,000		3,258,778
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2040		200		228,566
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2041		1,000		1,132,863
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2042		1,000		1,124,000
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2043		300		335,583
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2044		300		334,569
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2045		200		221,580
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2046		300		330,788
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2047		300		329,316
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2048		300		326,529
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	4.00%	05/01/2053		1,600		1,528,685
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB	5.00%	05/01/2053		2,000		2,152,780
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB	5.00%	11/01/2040		5,000		5,714,143
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB	5.00%	11/01/2041		5,000		5,664,313
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB	5.00%	02/01/2041		2,000		2,258,765
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB	5.00%	02/01/2042		2,000		2,242,226
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB	5.00%	02/01/2043		1,275		1,422,719
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB	5.00%	02/01/2044		2,000		2,225,122
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB	5.00%	02/01/2045		2,000		2,210,821
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB	5.25%	02/01/2047		2,000		2,234,049
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB	4.38%	05/01/2053		5,000		5,017,986
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB	4.00%	08/01/2041		1,850		1,851,728
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.25%	11/01/2039		1,000		1,164,375
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.25%	11/01/2040		400		462,589
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.25%	11/01/2041		1,000		1,146,900
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.25%	11/01/2042		1,000		1,139,995
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.25%	11/01/2043		1,000		1,134,805
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.50%	11/01/2045		1,000		1,147,784
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.00%	11/01/2046		1,000		1,097,860
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.25%	11/01/2048		900		995,148
New York (State of) Dormitory Authority, Series 2014 C, RB	5.00%	03/15/2039		1,770		1,771,262
New York (State of) Dormitory Authority, Series 2016 A, RB	5.00%	02/15/2039		1,000		1,030,789
New York (State of) Dormitory Authority, Series 2017 A, RB	5.00%	03/15/2040		1,000		1,040,462
New York (State of) Dormitory Authority, Series 2017 A, RB	4.00%	03/15/2046		1,000		991,056
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB	4.00%	02/15/2046		645		631,291
New York (State of) Dormitory Authority, Series 2018 A, RB	5.00%	03/15/2039		915		973,361
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB	5.25%	03/15/2039		700		760,474
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB	5.00%	03/15/2040		1,000		1,066,998
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB	4.00%	03/15/2043		400		398,532
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB	4.00%	03/15/2048		120		115,936
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB	5.00%	03/15/2039		1,000		1,063,782
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB	5.00%	03/15/2048		1,200		1,262,225
New York (State of) Dormitory Authority, Series 2019 A, RB	4.00%	07/01/2045		1,500		1,489,968
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB	5.00%	03/15/2041		1,000		1,079,343
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB	5.00%	03/15/2042		545		586,791
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB	5.00%	03/15/2047		1,000		1,065,308
New York (State of) Dormitory Authority, Series 2020 A, RB	3.00%	07/01/2048		4,000		3,090,347
New York (State of) Dormitory Authority, Series 2020 A, RB	4.00%	07/01/2053		4,000		3,877,640
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB	4.00%	03/15/2043		1,000		1,002,402
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB	4.00%	02/15/2039		750		766,365
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB	4.00%	02/15/2040		1,305		1,323,962
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB	4.00%	02/15/2047		3,400		3,335,786
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB	4.00%	03/15/2041		65		65,717
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB	4.00%	03/15/2044		1,680		1,675,521

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		60

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		4.00%		03/15/2048	$	230	$	224,572
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2041		1,000		1,119,349
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		4.00%		03/15/2042		155		156,217
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2046		1,000		1,093,242
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		05/01/2052		1,300		1,380,885
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		4.00%		03/15/2049		1,000		985,929
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB		5.00%		03/15/2043		1,200		1,288,303
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 A, RB		4.00%		03/15/2048		500		493,477
New York (State of) Dormitory Authority (Bid Group 5), Series 2020 A, Ref. RB		3.00%		03/15/2050		5,000		3,908,035
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2040		240		256,320
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB		5.00%		03/15/2040		45		47,722
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB		4.00%		03/15/2040		1,150		1,171,140
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		5.00%		03/15/2044		1,000		1,054,121
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		4.00%		03/15/2047		1,435		1,417,578
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB		4.00%		03/15/2042		1,500		1,511,777
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB		4.00%		03/15/2046		225		221,698
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB		5.00%		10/01/2046		500		513,476
New York (State of) Dormitory Authority (Columbia University), Series 2017 A, RB		5.00%		10/01/2047		625		752,061
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050		6,500		6,928,219
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB		5.00%		07/01/2041		750		772,708
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2046		1,000		973,075
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		2,000		1,919,817
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048		5,000		5,323,545
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		4.00%		02/15/2049		500		486,300
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		4.00%		07/01/2040		50		48,185
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2040		1,000		1,008,758
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		3.00%		02/01/2050		2,000		1,495,005
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		4.00%		07/01/2043		1,140		1,117,418
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		1,000		1,015,012
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		4.00%		07/01/2039		10		10,044
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		4.00%		07/01/2043		125		123,507
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2042		2,500		2,701,878
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		4.00%		07/01/2046		1,750		1,738,041
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		5.00%		07/01/2051		5,000		5,325,478
New York (State of) Dormitory Authority (North Shore-Long Island Jewish Obligated Group), Series 2015 A, Ref. RB		4.13%		05/01/2042		5		4,989
New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB		4.25%		05/01/2052		6,000		5,889,068
New York (State of) Dormitory Authority (Rockefeller University), Series 2022 A, Ref. RB		4.00%		07/01/2042		190		192,277
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB		4.00%		07/01/2048		1,750		1,697,923
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB		4.00%		07/01/2049		1,000		974,828
New York (State of) Dormitory Authority (Wagner College), Series 2022, Ref. RB		5.00%		07/01/2057		2,000		1,947,683
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB		5.00%		07/15/2042		2,500		2,547,505
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB		5.00%		07/15/2050		3,000		2,992,483
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB		4.00%		11/15/2055		2,500		2,414,903
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB		3.25%		11/15/2060		3,620		2,809,275
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)^(a)		4.00%		11/15/2047		1,500		1,485,279
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGM)^(a)		5.13%		11/15/2058		1,200		1,327,399
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		1,000		1,016,465
New York (State of) Thruway Authority, Series 2016 A, RB		4.00%		01/01/2056		165		156,047
New York (State of) Thruway Authority, Series 2016 A, RB		5.25%		01/01/2056		4,000		4,090,349
New York (State of) Thruway Authority, Series 2019 B, RB		4.00%		01/01/2045		1,000		986,392
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)^(a)		4.00%		01/01/2040		5,000		5,069,453

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		61

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)^(a)		4.00%		01/01/2045	$	1,000	$	999,134
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049		3,400		2,578,122
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB		3.00%		03/15/2049		8,315		6,635,745
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		4.00%		03/15/2049		60		58,421
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB		5.00%		03/15/2040		1,000		1,134,333
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB		4.00%		01/01/2042		700		699,028
New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds), Series 2022 C, RB		4.13%		03/15/2056		240		233,347
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2046		1,000		1,099,740
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2048		1,000		1,091,699
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2045		320		317,420
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2058		3,000		2,847,653
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2059		495		468,681
New York (State of) Thruway Authority (Green Bonds), Series 2022 C, RB		4.13%		03/15/2057		475		460,825
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB^(c)(d)		5.00%		03/14/2024		2,000		2,000,870
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2039		1,000		1,068,247
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB		5.00%		12/15/2050		1,000		1,102,461
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB		5.00%		06/15/2053		1,000		1,096,363
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		2,000		2,028,134
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045		3,000		3,036,931
New York Liberty Development Corp., Series 2021 1, Ref. RB		3.00%		02/15/2042		2,000		1,720,621
New York Liberty Development Corp., Series 2021 1WTC, Ref. RB		2.75%		02/15/2044		1,000		756,608
New York Liberty Development Corp., Series 2021-1, Ref. RB		4.00%		02/15/2043		2,000		2,003,855
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. RB		2.80%		09/15/2069		1,500		1,365,000
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		2.75%		11/15/2041		2,000		1,596,580
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		2.88%		11/15/2046		5,000		3,789,155
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		3.00%		11/15/2051		1,000		744,743
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB		4.00%		06/15/2045		2,000		1,960,996
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB		4.00%		06/15/2049		5,500		5,357,123
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		4.00%		06/15/2047		5,000		4,932,572
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2051		5,000		5,441,269
New York State Urban Development Corp., Series 2017 C, Ref. RB		4.00%		03/15/2045		1,055		1,034,849
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2039		1,500		1,611,262
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2042		20		21,312
New York State Urban Development Corp., Series 2019 A, RB		4.00%		03/15/2048		750		729,017
New York State Urban Development Corp., Series 2019 A, Ref. RB		4.00%		03/15/2043		625		623,530
New York State Urban Development Corp., Series 2019, RB		4.00%		03/15/2046		700		688,729
New York State Urban Development Corp., Series 2020 A, RB		4.00%		03/15/2039		1,000		1,027,939
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,096,289
New York State Urban Development Corp., Series 2020 A, RB		4.00%		03/15/2045		1,400		1,388,809
New York State Urban Development Corp., Series 2020 A, RB		4.00%		03/15/2049		2,300		2,249,987
New York State Urban Development Corp., Series 2020 A, RB		3.00%		03/15/2050		2,000		1,557,350
New York State Urban Development Corp., Series 2020 C, Ref. RB		4.00%		03/15/2041		2,290		2,321,693
New York State Urban Development Corp., Series 2020 C, Ref. RB		5.00%		03/15/2047		1,000		1,070,608
New York State Urban Development Corp., Series 2020 C, Ref. RB		4.00%		03/15/2049		1,000		978,255
New York State Urban Development Corp., Series 2020, Ref. RB		4.00%		03/15/2039		1,000		1,027,939
New York State Urban Development Corp., Series 2020, Ref. RB		3.00%		03/15/2040		1,000		873,646
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2044		1,000		1,082,828
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		03/15/2041		1,000		1,121,844
New York State Urban Development Corp., Series 2023, Ref. RB		5.00%		03/15/2063		1,000		1,070,817
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB		3.00%		03/15/2040		650		567,870
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2044		300		297,975
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2045		730		723,145
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2046		1,500		1,477,987

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		62

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB		4.00%			03/15/2043	$	335	$	335,046
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB		4.00%			03/15/2045		1,000		989,147
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB		4.00%			03/15/2044		1,000		994,610
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB		4.00%			03/15/2046		1,000		986,753
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB		4.00%			03/15/2047		1,000		982,065
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		4.00%			03/15/2041		1,000		1,012,894
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		4.00%			03/15/2046		1,000		986,753
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%			12/01/2038		1,000		1,064,475
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%			12/01/2039		2,500		2,467,438
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%			12/01/2040		4,550		4,441,778
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%			12/01/2041		1,000		968,274
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, (INS - AGM)^(a)		3.00%			12/01/2044		1,555		1,216,383
Suffolk (County of), NY Water Authority, Series 2018 A, RB		3.25%			06/01/2043		565		515,108
Triborough Bridges Tunnel Authority, Series 2015 A, RB		5.00%			11/15/2040		225		228,034
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%			11/15/2041		4,000		4,092,390
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%			11/15/2046		3,000		3,056,615
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		5.00%			05/15/2051		3,000		3,216,127
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.00%			05/15/2042		5,000		5,574,891
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.25%			05/15/2052		2,560		2,817,281
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB		5.00%			05/15/2049		2,000		2,190,811
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB		4.00%			05/15/2054		2,000		1,926,885
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB		5.25%			05/15/2059		2,000		2,204,921
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB		4.13%			05/15/2064		2,000		1,935,135
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB		5.25%			05/15/2064		2,000		2,196,137
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB		5.00%			05/15/2056		5,000		5,192,152
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2017 C-2, RB		5.00%			11/15/2042		9,675		10,186,922
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2018 A, RB		4.00%			11/15/2048		2,500		2,434,118
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2020 A, RB		5.00%			11/15/2054		1,250		1,331,434
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2021 A, RB		4.00%			11/15/2056		1,500		1,407,580
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2021 A, RB		5.00%			11/15/2056		1,500		1,602,120
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2021 C-1A, RB		5.00%			05/15/2051		3,000		3,229,066
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2022 A, RB		4.00%			05/15/2052		5,775		5,579,893
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2022 A, Ref. RB		5.00%			05/15/2043		1,000		1,108,590
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2022 A, Ref. RB		5.00%			05/15/2044		1,000		1,104,032
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2022 A, Ref. RB		5.00%			05/15/2047		500		545,207
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2022 C, RB		5.00%			05/15/2047		1,000		1,090,414
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2022, RB		4.00%			05/15/2057		10,000		9,634,728
Triborough Bridge & Tunnel Authority (MTA BridgesS Tunnels), Series 2023 A, RB		5.00%			05/15/2048		1,375		1,501,472
Westchester County Local Development Corp., Series 2014 A, RB		5.50	%		05/01/2042		1,000		1,000,828

									594,529,278

North Carolina-0.83%
Charlotte (City of), NC, Series 2022 A, Ref. RB		5.00%			07/01/2045		2,000		2,237,070
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB		5.00%			07/01/2047		2,000		2,078,641
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB		5.00%			07/01/2049		1,750		1,855,593
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB		3.00%			07/01/2046		500		404,005
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB		4.00%			07/01/2051		750		736,556
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB		4.00%			07/01/2052		3,500		3,435,661
Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP		3.00%			06/01/2048		1,000		811,965
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB		4.00%			01/15/2045		155		148,643
Fayetteville (City of), NC, Series 2023, RB		4.50%			03/01/2049		750		788,576
North (State of) Carolina Turnpike Authority, Series 2017 A, Ref. RB		5.00%			07/01/2047		2,500		2,535,419

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		63

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
North Carolina-(continued)
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB		4.00%		09/01/2051	$	300	$	236,590
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013, Ref. RB		4.00%		11/01/2046		515		515,005
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019 A, RB		4.00%		11/01/2049		1,200		1,159,879
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019, RB		4.00%		11/01/2052		1,000		948,144
North Carolina (State of) Medical Care Commission (Rex Healthcare), Series 2020 A, RB		3.00%		07/01/2045		1,000		796,826
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB		5.00%		06/01/2045		500		504,538
North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB, (INS - AGM)^(a)		5.00%		01/01/2058		2,000		2,138,431
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)^(a)		5.00%		01/01/2049		1,075		1,129,811

								22,461,353

North Dakota-0.17%
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)^(a)		3.00%		12/01/2046		1,325		1,015,440
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)^(a)		3.00%		12/01/2051		500		364,031
University of North Dakota, Series 2021 A, COP, (INS - AGM)^(a)		3.00%		06/01/2061		4,500		3,112,479

								4,491,950

Ohio-1.79%
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB		5.00%		11/01/2043		35		35,227
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB		4.00%		11/01/2044		210		206,240
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB		4.25%		11/01/2045		50		50,054
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041		2,000		2,038,988
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2046		2,000		2,030,736
Brunswick City School District, Series 2023, GO Bonds, (INS - BAM)^(a)		5.50%		12/01/2060		175		191,181
Chillicothe (City of), OH, Series 2017, Ref. RB		4.00%		12/01/2042		1,000		927,496
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB		5.00%		02/15/2057		1,000		981,765
Dublin City School District (Construction and Improvement), Series 2019, GO Bonds		3.63%		12/01/2048		35		32,071
Franklin (County of), OH, Series 2018, RB		5.00%		06/01/2048		500		526,210
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB		5.00%		12/01/2051		750		708,130
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB		5.00%		11/15/2049		5,900		6,937,714
Licking Heights Local School District, Series 2022, GO Bonds		5.50%		10/01/2059		10,000		10,886,522
Miami University, Series 2020 A, Ref. RB		4.00%		09/01/2045		3,500		3,498,738
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB		4.00%		08/01/2046		300		288,354
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB		4.00%		08/01/2051		1,000		929,393
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		3.00%		08/01/2051		2,070		1,500,668
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		4.00%		08/01/2051		2,280		2,068,659
North Royalton City School District, Series 2017, GO Bonds		5.00%		12/01/2047		5,000		5,061,251
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB		3.00%		11/15/2040		20		17,581
Ohio (State of), Series 2014 A, Ref. RB		4.00%		01/15/2044		55		53,658
Ohio (State of), Series 2019, RB		4.00%		01/01/2041		95		95,230
Ohio (State of), Series 2019, RB		4.00%		01/01/2043		200		196,039
Ohio (State of) (University Hospitals Health System, Inc.), Series 2020 A, Ref. RB		4.00%		01/15/2050		2,250		2,081,174
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2016, Ref. RB		4.00%		07/01/2044		500		490,880
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2046		500		541,157
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2051		1,000		1,072,105
Ohio (State of) Water Development Authority, Series 2021, RB		5.00%		06/01/2046		1,000		1,103,592
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		1,000		1,083,126
Worthington City School District, Series 2023, GO Bonds		5.00%		12/01/2048		2,500		2,758,349

								48,392,288

Oklahoma-0.34%
Grand River Dam Authority, Series 2014 A, RB		5.00%		06/01/2039		500		500,918
Oklahoma (State of) Municipal Power Authority, Series 2016 A, Ref. RB, (INS - AGM)^(a)		3.13%		01/01/2041		10		8,837
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB		5.00%		01/01/2047		1,660		1,710,927

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		64

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oklahoma-(continued)
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042	$	1,000	$	1,016,261
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		4.00%		01/01/2047		370		370,167
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB		5.00%		01/01/2043		2,000		2,071,454
Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2023, RB		4.00%		04/01/2048		1,000		989,660
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)^(a)		5.00%		07/01/2046		2,500		2,674,204

								9,342,428

Oregon-1.28%
Deschutes County Hospital Facilities Authority, Series 2016, Ref. RB		5.00%		01/01/2048		2,265		2,294,436
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)^(a)		4.00%		08/15/2045		7,000		6,802,230
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)^(a)		3.00%		08/15/2050		5,000		3,682,304
Oregon (State of) (Article XI-GOHSU), Series 2017 H, GO Bonds		5.00%		08/01/2042		5,000		5,249,781
Oregon (State of) (Article Xl-Q State), Series 2017 A, GO Bonds		5.00%		05/01/2042		2,500		2,615,722
Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB		5.00%		06/01/2052		2,500		2,640,374
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB		4.00%		10/01/2051		2,000		1,718,590
University of Oregon, Series 2015 A, RB		5.00%		04/01/2045		7,515		7,576,073
University of Oregon, Series 2020 A, RB		5.00%		04/01/2050		2,000		2,123,625

								34,703,135

Pennsylvania-4.12%
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2045		3,875		3,872,080
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2049		5,000		4,894,300
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated
Group Issue), Series 2018 A, Ref. RB		4.00%		04/01/2044		2,110		1,989,835
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated
Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2047		2,780		2,844,349
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2039		20		20,077
Allegheny (County of), PA Sanitary Authority, Series 2022, RB		5.75%		06/01/2047		2,000		2,304,002
Berks (County of), PA Industrial Development Authority (Tower Health), Series 2017, Ref. RB		3.75%		11/01/2042		1,000		519,403
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2021, RB		3.00%		08/15/2053		1,110		796,132
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB		4.00%		09/01/2050		5,000		4,653,318
Commonwealth Financing Authority, Series 2018, RB, (INS - AGM)^(a)		4.00%		06/01/2039		2,600		2,621,821
Cumberland (County of), PA Municipal Authority (Penn State Health), Series 2019, RB		4.00%		11/01/2049		150		138,702
Delaware (State of) River Port Authority, Series 2013, RB		5.00%		01/01/2040		2,200		2,202,718
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2042		1,000		1,046,870
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB		4.00%		07/15/2048		170		153,811
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB		4.00%		02/15/2047		2,000		1,933,411
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB		4.00%		04/01/2050		1,130		1,073,958
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB		5.00%		04/01/2050		2,500		2,598,209
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)^(a)		5.00%		03/15/2048		1,000		1,079,775
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2046		2,000		2,088,613
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2051		2,000		2,075,309
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2046		1,500		1,532,054
Lancaster School District, Series 2023, GO Bonds, (INS - BAM)^(a)		4.00%		04/01/2040		2,880		2,950,139
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB		4.00%		07/01/2043		10		9,664
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB		4.13%		07/01/2040		485		486,863
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB		4.25%		07/01/2045		70		70,113
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB		5.00%		07/01/2044		25		26,126
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB		4.00%		07/01/2049		1,000		939,522
Lehigh (County of), PA Authority, Series 2013 A, RB		5.13%		12/01/2047		1,200		1,206,078
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018, Ref. RB		4.00%		09/01/2049		165		153,683
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB		4.00%		09/01/2044		1,000		960,557
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB		4.00%		09/01/2049		1,000		931,410

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		65

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB		5.00%		05/01/2057	$	1,000	$	1,043,147
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB		5.00%		11/01/2047		850		879,499
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043		250		261,065
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB		3.00%		10/15/2046		10,090		7,766,740
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB		4.00%		10/15/2051		8,555		8,099,262
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB		4.00%		02/15/2042		3,500		3,460,587
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB		5.00%		09/01/2045		955		959,599
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB		5.25%		09/01/2050		1,000		1,007,305
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB		5.00%		08/15/2046		2,000		2,067,819
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB		4.00%		02/15/2043		300		298,694
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB		5.00%		02/15/2048		1,160		1,213,889
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB		4.00%		08/15/2042		470		462,133
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB		5.00%		08/15/2049		1,435		1,510,599
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB		5.00%		08/15/2044		1,000		1,084,031
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB		5.00%		12/01/2044		1,375		1,385,960
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB		5.00%		12/01/2044		1,200		1,209,565
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2040		1,000		1,013,518
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		4.00%		12/01/2041		165		165,439
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB		5.00%		12/01/2040		370		377,131
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB		5.00%		12/01/2040		270		275,032
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB		5.00%		12/01/2040		255		266,022
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB		5.00%		12/01/2048		1,465		1,539,228
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.25%		12/01/2048		5,000		5,253,925
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB		5.00%		12/01/2044		10		10,626
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB		4.00%		12/01/2049		670		648,004
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB, (INS - AGM)^(a)		4.00%		12/01/2049		90		89,176
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2043		100		100,249
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2044		100		100,034
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2045		100		99,296
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2046		100		98,709
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2050		100		96,274
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		5.00%		12/01/2047		1,000		1,076,366
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		4.00%		12/01/2051		1,000		976,170
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB		5.00%		12/01/2046		435		468,872
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2047		500		558,846
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2052		500		552,336
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB		5.00%		12/01/2048		1,000		1,088,839
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB		5.25%		12/01/2053		400		441,513
Pennsylvania State University (The), Series 2023, RB		5.25%		09/01/2048		500		564,775
Pennsylvania State University (The), Series 2023, RB		5.25%		09/01/2053		500		560,064
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045		1,500		1,616,377
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2050		2,400		2,563,260
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)^(a)		4.50%		09/01/2048		2,000		2,052,597
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)^(a)		5.50%		09/01/2053		2,000		2,276,489
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042		1,950		1,989,363

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		66

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		4.00%		09/01/2047	$	10	$	9,422
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2047		1,500		1,524,658
Philadelphia School District (The), Series 2021 A, GO Bonds		4.00%		09/01/2046		190		185,184
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2015 A, RB		4.00%		08/15/2045		1,000		975,249
School District of Philadelphia (The), Series 2018 B, GO Bonds, (INS - AGM)^(a)		4.00%		09/01/2043		105		105,186
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB		5.00%		06/01/2049		750		775,840

								111,376,865

Rhode lsland-0.08%
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047		2,000		2,052,239

South Carolina-1.01%
Charleston (City of), SC, Series 2022, RB		5.00%		01/01/2047		1,000		1,110,527
Greenville (City of), SC Health System, Series 2014 B, RB		4.00%		05/01/2044		35		32,975
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2020, Ref. RB		4.00%		12/01/2044		920		900,459
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2022 A, RB		4.00%		04/01/2052		275		265,432
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB		5.00%		11/01/2043		1,000		1,042,058
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB		5.00%		05/01/2043		1,000		1,025,463
South Carolina (State of) Jobs-Economic Development Authority (Anmed Health), Series 2023, RB		4.25%		02/01/2048		1,000		1,006,473
South Carolina (State of) Public Service Authority, Series 2013 E, Ref. RB		5.00%		12/01/2048		4,660		4,656,590
South Carolina (State of) Public Service Authority, Series 2014 A, RB		5.50%		12/01/2054		1,000		1,001,303
South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB		5.25%		12/01/2055		2,500		2,520,681
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2040		500		491,652
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		3.00%		12/01/2041		1,085		833,961
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2042		500		488,898
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2043		500		529,682
South Carolina (State of) Public Service Authority, Series 2021 B, RB		5.00%		12/01/2051		1,250		1,303,714
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB		5.00%		12/01/2044		2,000		2,130,911
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB		4.00%		12/01/2047		6,600		6,316,440
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB		4.00%		04/15/2043		200		193,685
Spartanburg Regional Health Services District, Series 2017 A, Ref. RB		5.00%		04/15/2048		300		309,895
University of South Carolina (Campus Village), Series 2021 A, RB		5.00%		05/01/2046		1,000		1,086,418

								27,247,217

South Dakota-0.12%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB		5.00%		07/01/2046		1,500		1,513,610
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB		5.00%		09/01/2040		1,300		1,341,426
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB		4.00%		11/01/2040		540		533,255

								3,388,291

Tennessee-0.95%
Clarksville (City of), TN, Series 2021 A, RB		5.00%		02/01/2045		1,550		1,698,950
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB		5.00%		07/01/2045		1,500		1,517,432
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB		5.00%		07/01/2052		770		833,652
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB		5.00%		05/15/2046		1,000		1,089,358
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB		5.25%		05/15/2049		1,000		1,136,191
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2040		3,000		3,043,284
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2046		2,750		2,772,220

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		67

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Tennessee-(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB		4.00%		07/01/2047	$	1,000	$	895,676
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB		5.00%		07/01/2048		2,000		2,054,926
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)^(a⁾		5.25%		07/01/2048		2,000		2,214,264
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)^(a)		5.25%		07/01/2053		500		548,841
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)^(a)		5.25%		07/01/2056		2,000		2,192,003
Tennessee (State of) School Bond Authority, Series 2017 A, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2047		3,000		3,102,048
Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2047		2,500		2,754,381

								25,853,226

Texas-11.09%
Aldine Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		175		169,657
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)^(a)		5.00%		02/15/2048		1,000		1,037,157
Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2019, RB, (CEP - Texas Permanent School Fund)		4.00%		08/15/2044		1,000		975,510
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045		1,000		1,029,998
Austin (City of), TX, Series 2017 A, RB		5.00%		11/15/2041		2,320		2,386,036
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2045		500		541,799
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2050		730		776,762
Austin (City of), TX, Series 2023, Ref. RB		5.25%		11/15/2053		1,000		1,101,702
Austin Community College District, Series 2015, GO Bonds		4.00%		08/01/2040		1,030		1,032,109
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2043		2,000		2,241,969
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2048		1,500		1,593,046
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		02/15/2053		1,100		1,196,338
Bexar (County of), TX, Series 2016, GO Bonds		3.00%		06/15/2041		55		47,217
Bexar (County of), TX Hospital District, Series 2018, GO Bonds		4.00%		02/15/2043		25		24,596
Board of Regents of the University of Texas System, Series 2019 B, RB		5.00%		08/15/2049		5,550		6,641,525
Central Texas Regional Mobility Authority, Series 2020 E, RB		5.00%		01/01/2045		1,000		1,051,686
Central Texas Regional Mobility Authority, Series 2020 E, RB		4.00%		01/01/2050		1,000		956,926
Central Texas Regional Mobility Authority, Series 2021 B, RB		5.00%		01/01/2046		1,000		1,056,723
Central Texas Regional Mobility Authority, Series 2021 B, RB		4.00%		01/01/2051		1,000		952,544
Chapel Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		3,000		2,878,547
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, (CEP - Texas Permanent School Fund)		4.00%		08/15/2042		7,000		6,958,524
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2018, RB, (CEP - Texas Permanent School Fund)		4.00%		08/15/2043		500		491,399
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		1,500		1,473,942
Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2049		1,000		971,149
Corpus Christi (City of), TX, Series 2015 A, RB		5.00%		07/15/2045		10		10,144
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/01/2048		140		154,462
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.25%		02/01/2053		3,000		3,001,438
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB .		4.00%		11/01/2045		2,000		1,972,644
Dallas (City of), TX, Series 2016 A, Ref. RB		4.00%		10/01/2041		500		488,849
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046		1,000		1,045,412
Dallas (City of), TX, Series 2018 C, RB		4.00%		10/01/2043		685		685,954
Dallas (City of), TX, Series 2023 A, RB		5.00%		10/01/2047		6,000		6,669,983
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB		5.00%		12/01/2047		1,665		1,809,198

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		68

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048	$	3,500	$	3,802,367
Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2054		200		193,078
Del Valle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		06/15/2047		1,000		985,037
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		08/15/2041		500		567,798
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		08/15/2042		750		846,803
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		08/15/2043		1,000		1,121,804
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		08/15/2048		500		549,548
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		08/15/2053		1,000		1,088,262
El Paso (City of), TX, Series 2022, RB		5.00%		03/01/2046		5,000		5,390,908
El Paso (County of), TX Hospital District, Series 2013, Ctfs. Of Obligation		5.00%		08/15/2043		470		461,610
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund).		4.00%		08/15/2045		1,300		1,295,211
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund).		4.00%		08/15/2048		25		24,615
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		1,000		984,148
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2052		1,000		960,279
Fort Bend County Industrial Development Corp. (NRG Energy, Inc.), Series 2012 B, RB		4.75%		11/01/2042		10		10,001
Friendswood Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)		2.00%		02/15/2051		1,000		579,593
Frisco Independent School District, Series 2012 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		3.00%		08/15/2042		365		307,164
Frisco Independent School District, Series 2014, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2044		945		915,534
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2043		10,000		10,541,504
Harris (County of)& Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2053		3,950		3,954,131
Harris (County of), TX, Series 2018 A, Ref. RB		4.00%		08/15/2048		800		778,587
Harris (County of), TX, Series 2023 A, GO Bonds		4.25%		09/15/2048		4,500		4,516,362
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds		4.00%		10/01/2045		1,000		1,001,400
Harris (County of), TX Flood Control District (Sustainability Bonds), Series 2023 A, GO Bonds		4.00%		09/15/2048		760		747,941
Harris (County of), TX Port Authority of Houston, Series 2023, RB		5.00%		10/01/2048		1,750		1,917,978
Harris (County of), TX Port Authority of Houston, Series 2023, RB		5.00%		10/01/2053		2,000		2,176,815
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2045		1,000		989,886
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		3.00%		08/15/2050		1,000		758,586
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2050		1,000		960,940
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2022 A, Ref. RB		4.13%		07/01/2052		8,100		7,654,960
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2043		3,500		3,473,873
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		3,500		3,812,166
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2049		3,000		2,945,097
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2040		25		24,957
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		02/15/2047		2,565		2,794,949
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund).		4.00%		02/15/2052		2,000		1,937,923
Hutto (City of), TX, Series 2017, Ctfs. Of Obligation, (INS - AGM)^(a)		5.00%		08/01/2057		5,000		5,145,635
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2048		1,500		1,645,618
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2053		1,500		1,631,921
Judson Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/01/2041		1,000		1,000,533
Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2044		200		201,830
Klein Independent School District, Series 2015 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)		4.00%		08/01/2040		1,000		1,002,205
Krum Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)		4.25%		08/15/2054		1,000		990,722
Lake Travis Independent School District, Series 2023, GO Bonds		4.00%		02/15/2048		700		682,759
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2043		5,000		5,189,174

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		69

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047	$	1,000	$	1,000,088
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		3,000		2,952,945
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		3,000		3,253,277
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2058		2,000		2,157,751
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		1,000		992,056
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.38%		02/01/2047		1,000		1,028,935
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/01/2052		5,000		5,382,123
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2040		500		507,844
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2045		560		567,799
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB		5.00%		05/15/2043		80		83,990
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2044		2,000		2,073,035
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2046		1,250		1,335,614
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2051		1,250		1,324,008
Lubbock (City of), TX, Series 2021, RB		4.00%		04/15/2046		1,000		983,229
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2048		5,000		5,180,549
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		2,000		1,984,112
Midland (City of), TX, Series 2022 B, Ref. GO Bonds		5.00%		03/01/2047		2,500		2,712,282
Montgomery (County of), TX Toll Road Authority, Series 2018, RB		5.00%		09/15/2048		1,000		1,004,882
Montgomery Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2045		430		423,770
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		40		39,614
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		1,000		1,099,095
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		1,000		1,088,262
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 05/05/2016; Cost $1,023,639)^(e)(f)		5.00%		07/01/2046		1,000		685,000
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 05/05/2016; Cost $1,020,280)^(e)(f)		5.00%		07/01/2051		1,000		685,000
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station l, LLC - Texas A&M University), Series 2014 A, RB, (INS - AGM)^(a)		5.00%		04/01/2046		1,250		1,249,996
Newark High Education Finance Corp. (Abilene Christian University Project), Series 2022, Ref. RB		4.00%		04/01/2057		1,000		877,632
North East Texas Regional Mobility Authority, Series 2016, RB		5.00%		01/01/2046		60		60,485
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2039		1,800		1,849,528
North Texas Tollway Authority, Series 2017 A, Ref. RB		4.00%		01/01/2043		1,000		998,341
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2039		5		5,203
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2048		5,000		5,188,203
North Texas Tollway Authority, Series 2021 B, RB		3.00%		01/01/2046		315		250,772
North Texas Tollway Authority, Series 2022 A, Ref. RB		4.13%		01/01/2040		1,000		1,026,547
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		1,000		979,829
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		1,000		1,086,391
Piano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2041		2,750		3,082,765
Piano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2042		4,000		4,457,308
Piano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2043		1,500		1,664,022
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		02/15/2047		1,000		1,028,969
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund).		5.00%		02/15/2049		2,000		2,106,594

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		70

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2042	$	2,285	$	2,342,007
Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		100		108,837
Salado Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)		4.25%		02/15/2054		1,000		994,248
San Antonio (City of), TX, Series 2014, RB		5.00%		02/01/2044		215		215,078
San Antonio (City of), TX, Series 2017, RB		5.00%		02/01/2047		5,000		5,174,574
San Antonio (City of), TX, Series 2020, RB		5.00%		02/01/2049		4,000		4,243,953
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2046		1,500		1,608,865
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2049		500		532,204
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB		5.00%		05/15/2043		2,500		2,617,758
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB		5.00%		05/15/2050		3,000		3,193,296
San Antonio (City of), TX Water System, Series 2020 C, RB		5.00%		05/15/2046		5,000		5,341,842
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB		4.00%		04/01/2046		750		646,812
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB		4.00%		04/01/2051		750		621,956
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		1,000		1,088,572
San Antonio Public Facilities Corp., Series 2012, Ref. RB		4.00%		09/15/2042		1,495		1,471,600
San Jacinto Community College District, Series 2016 A, GO Bonds		4.00%		02/15/2041		80		78,609
San Jacinto Community College District, Series 2019 A, GO Bonds		5.00%		02/15/2049		2,000		2,093,729
Sherman Independent School District, Series 2023 B, GO Bonds (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		1,000		1,083,639
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2044		1,000		986,339
Southwest Higher Education Authority, Inc. (Southern Methodist University), Series 2013 A, RB		4.00%		10/01/2042		60		60,003
Spring Branch Independent School District, Series 2019, GO Bonds (CEP - Texas Permanent School Fund)		3.00%		02/01/2043		40		33,571
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2042		2,000		2,062,744
Spring Independent School District, Series 2023, GO Bonds		5.00%		08/15/2047		5,000		5,543,645
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		4.00%		11/15/2042		50		49,046
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		5.00%		11/15/2045		750		765,317
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2022 A, RB		4.00%		07/01/2053		1,500		1,391,889
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2042		330		325,683
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2047		275		268,414
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2052		425		405,155
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB		5.00%		02/15/2041		1,000		1,026,978
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2039		2,000		2,027,768
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2040		2,000		2,023,936
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2041		2,000		2,020,932
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB		5.00%		08/15/2042		2,500		2,505,663
Texas (State of) Water Development Board, Series 2015 A, RB		4.00%		10/15/2040		1,200		1,192,235
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2040		500		510,306
Texas (State of) Water Development Board, Series 2015 A, RB		4.00%		10/15/2045		305		294,568
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045		3,910		3,978,296
Texas (State of) Water Development Board, Series 2016, RB		4.00%		10/15/2041		345		345,895
Texas (State of) Water Development Board, Series 2016, RB		5.00%		10/15/2046		1,000		1,035,341
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2047		4,975		5,199,361
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2043		530		561,127
Texas (State of) Water Development Board, Series 2018 B, RB		4.00%		10/15/2043		1,105		1,107,370
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2049		4,000		4,211,235
Texas (State of) Water Development Board, Series 2020, RB		4.00%		10/15/2045		1,000		1,006,731
Texas (State of) Water Development Board, Series 2022, RB		4.65%		10/15/2040		500		547,490

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		71

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Texas (State of) Water Development Board, Series 2022, RB		4.75%		10/15/2042	$	1,000	$	1,088,980
Texas (State of) Water Development Board, Series 2023 A, RB		5.25%		10/15/2051		1,000		1,117,572
Texas (State of) Water Development Board, Series 2023 A, RB		5.00%		10/15/2058		1,000		1,088,712
Texas City Industrial Development Corp. (NRG Energy), Series 2012, RB		4.13%		12/01/2045		65		60,061
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB		4.00%		06/30/2039		250		249,626
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB		4.00%		12/31/2039		1,000		1,000,843
Texas State Technical College, Series 2022, RB, (INS - AGM)^(a)		5.50%		08/01/2042		2,000		2,305,330
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		5,000		5,473,883
Waller Consolidated Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2046		20		19,861
Waxahachie Independent School District, Series 2015, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		260		252,130
Waxahachie Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.25%		02/15/2053		1,000		1,003,526
Willis Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2045		20		19,877
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2049		1,000		978,733
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		15		14,740
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		2,500		2,560,757
Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.25%		08/15/2056		1,500		1,498,697

								300,122,947

Utah-0.63%
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2042		1,000		1,106,350
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2043		1,000		1,102,036
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2044		1,000		1,100,887
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2045		625		684,508
Intermountain Power Agency, Series 2023 A, RB		5.00%		07/01/2041		1,000		1,123,755
Intermountain Power Agency, Series 2023 A, RB		5.00%		07/01/2042		1,000		1,118,969
Intermountain Power Agency, Series 2023 A, RB		5.25%		07/01/2043		1,000		1,135,973
Intermountain Power Agency, Series 2023 A, RB		5.25%		07/01/2044		750		849,251
Intermountain Power Agency, Series 2023 A, RB		5.25%		07/01/2045		1,000		1,128,188
Salt Lake City (City of), UT, Series 2017 B, RB		5.00%		07/01/2042		2,000		2,076,001
Salt Lake City (City of), UT, Series 2017 B, RB		5.00%		07/01/2047		300		309,615
Salt Lake City (City of), UT, Series 2018 B, RB		5.00%		07/01/2048		3,000		3,148,937
University of Utah (The) (Green Bonds), Series 2022 A, RB		5.00%		08/01/2046		1,000		1,095,700
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2041		1,000		1,125,205

								17,105,375

Vermont-0.05%
University of Vermont and State Agricultural College, Series 2015, Ref. RB		4.00%		10/01/2040		1,115		1,115,169
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016, RB		4.00%		12/01/2042		230		222,319

								1,337,488

Virginia-0.81%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB		5.00%		07/01/2051		3,395		3,413,286
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB		4.00%		05/15/2042		3,000		3,046,185
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB		5.00%		07/01/2048		1,000		1,043,885
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB		4.00%		07/01/2060		1,000		961,982
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB		5.00%		07/01/2060		1,000		1,055,636
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB		4.00%		07/01/2052		200		194,742
Loudoun (County of), VA Economic Development Authority (Howard Hughes Medical Institute, Inc), Series 2022, Ref. RB		4.00%		10/01/2052		1,000		994,113
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB		5.00%		01/01/2047		1,000		1,014,655
Norfolk (City of), VA Economic Development Authority, Series 2018 B, Ref. RB		4.00%		11/01/2048		675		643,320
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB		5.00%		06/01/2052		1,000		1,089,604

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		72

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, Ref. RB		3.00%		07/01/2045	$	1,650	$	1,312,819
University of Virginia, Series 2015 A-1, RB		4.00%		04/01/2045		1,440		1,441,479
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB		5.00%		02/01/2040		1,000		1,124,763
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB		5.00%		02/01/2042		1,000		1,114,797
Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB		4.00%		08/01/2042		1,000		1,026,069
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB		4.00%		11/01/2039		125		126,869
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB		4.00%		01/01/2045		1,025		939,815
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health Inc.), Series 2022, RB		5.00%		10/01/2041		1,000		1,095,188
Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGM)^(a)		4.13%		07/01/2058		250		248,629

								21,887,836

Washington-1.92%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2041		4,500		4,672,814
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2046		3,000		3,558,831
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2043		2,000		2,202,272
Energy Northwest, Series 2014, Ref. RB		5.00%		07/01/2040		1,000		1,002,264
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2039		2,000		2,214,829
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB		5.00%		07/01/2040		1,000		1,113,562
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB		5.00%		07/01/2041		1,000		1,108,538
King (County of), WA, Series 2015, Ref. RB		4.00%		07/01/2045		55		54,142
King (County of), WA, Series 2016 A, Ref. RB		4.00%		07/01/2040		500		497,012
King (County of), WA, Series 2016 A, Ref. RB		4.00%		07/01/2041		500		494,090
Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2041		1,000		1,010,542
Seattle (City of), WA, Series 2015 A, RB		4.00%		05/01/2045		500		488,598
Seattle (City of), WA, Series 2017 C, Ref. RB		4.00%		09/01/2047		100		98,317
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB		5.00%		12/01/2040		1,000		1,016,449
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB		5.00%		12/01/2051		1,000		1,080,816
Tacoma (City of), WA, Series 2024 A, Ref. RB		5.00%		01/01/2049		250		273,563
Tacoma (City of), WA, Series 2024 A, Ref. RB		5.00%		01/01/2054		150		162,652
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB		5.00%		01/01/2046		1,150		1,248,887
University of Washington, Series 2012 C, Ref. RB		3.13%		07/01/2042		25		21,522
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2040		500		508,453
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2041		4,855		5,051,480
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2042		500		532,180
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2043		100		106,206
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2039		105		111,905
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2040		25		26,563
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2041		500		529,772
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2042		110		116,315
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2044		500		537,229
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2043		20		21,528
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2040		1,000		1,101,304
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2045		1,000		1,090,576
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2042		415		460,776
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2044		1,000		1,103,479
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2045		1,425		1,562,031
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2046		1,000		1,092,972
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2039		1,000		1,139,753
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2042		1,000		1,121,687
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2043		1,000		1,116,664
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds		5.00%		02/01/2040		1,000		1,140,858

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		73

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-(contlnued)
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds		5.00%		08/01/2047	$	500	$	547,555
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds		5.00%		02/01/2040		1,000		1,126,939
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds		5.00%		02/01/2044		1,000		1,106,192
Washington (State of) Convention Center Public Facilities District, Series 2018, RB		5.00%		07/01/2048		170		173,936
Washington (State of) Convention Center Public Facilities District, Series 2018, RB		5.00%		07/01/2058		1,250		1,278,929
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB		4.00%		08/15/2039		90		87,944
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB		4.13%		08/15/2043		100		96,495
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B, Ref. RB		4.00%		08/15/2041		1,000		966,280
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB		4.25%		10/01/2040		85		81,776
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB		5.00%		10/01/2042		275		275,058
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2055		3,000		3,127,361
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		4.00%		08/15/2042		1,000		895,823
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB		4.00%		05/01/2050		1,200		1,089,249
Washington Biomedical Research Properties 3.2, Series 2015 A, RB		4.00%		01/01/2048		310		304,422

								51,949,390

West Virginia-0.10%
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		4.00%		12/01/2042		700		706,081
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		4.00%		06/01/2043		15		15,118
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB		5.00%		01/01/2043		1,000		977,730
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2016, Ref. RB		3.25%		06/01/2039		375		342,913
West Virginia (State of) Parkways Authority, Series 2021, RB		4.00%		06/01/2051		605		581,204

								2,623,046

Wisconsin-0.91%
Public Finance Authority, Series 2023 A, RB^(b)		5.75%		07/01/2063		800		839.666
Public Finance Authority (Bayhealth Medical Center Project), Series 2021 A, RB		3.00%		07/01/2050		1,000		739,293
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2017, Ref. RB		5.00%		02/15/2047		1,000		993,233
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.50%		11/15/2039		500		505,095
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB		4.00%		11/15/2039		1,000		998,986
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB		4.00%		08/15/2046		1,000		947,028
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB		3.00%		08/15/2051		500		368,490
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref. RB		4.00%		08/15/2047		3,185		2,990,670
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health), Series 2017, Ref. RB		4.00%		04/01/2039		340		333,875
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2016 B, RB		5.00%		02/15/2042		70		70,512
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB		4.00%		12/01/2046		1,360		1,318,895
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB		4.00%		12/01/2051		2,500		2,353,901
Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), Series 2018, Ref. RB		4.13%		04/01/2046		235		229,176

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		74

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(contlnued)
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group), Series 2015, Ref. RB		5.00%		08/15/2039	$	1,500	$	1,503,957
Wisconsin (State of) Health & Educational Facilities Authority (ThedaCare, Inc.), Series 2015, Ref. RB		5.00%		12/15/2044		500		503,831
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB		4.00%		10/01/2052		1,000		953,306
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB		5.00%		03/01/2041		5,000		5,085,982
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB.		4.25%		06/01/2041		485		485,206
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB		4.00%		06/01/2045		1,000		932,458
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		06/01/2045		3,000		2,421,684

								24,575,244

Wyoming-0.13%
University of Wyoming, Series 2021 C, RB, (INS - AGM)^(a)		4.00%		06/01/2051		3,600		3,480,998

TOTAL INVESTMENTS IN SECURITIES^(g)-98.82%
(Cost $2,773,357,158)								2,673,725,537
OTHER ASSETS LESS LIABILITIES-1.18%								31,889,939

NET ASSETS-100.00%							$	2,705,615,476


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
PCR		-Pollution Control Revenue Bonds
RAC		-Revenue Anticipation Certificates
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

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

^(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 February 29, 2024 was $1,874,220, which represented less than 1% of the Fund’s Net Assets.

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(e)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2024 was $1,370,000, which represented less than 1% of the Fund’s Net Assets.

^(f)	Restricted security. The aggregate value of these securities at February 29, 2024 was $1,370,000, which represented less than 1% of the Fund’s Net Assets.

^(g)


Entity		Percentage
Assured Guaranty Municipal Corp.		8.30%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		75

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Health, Hospital, Nursing Home Revenue			23.48

Ad Valorem Property Tax			13.89

Highway Tolls Revenue			8.03

Water Revenue			7.93

Income Tax Revenue			7.37

College & University Revenue			7.07

Sales Tax Revenue			6.15

Lease Revenue			4.04

Miscellaneous Revenue			4.00

Electric Power Revenue			3.60

Revenue Types Each Less Than 3%			13.26

Other Assets Less Liabilities			1.18

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		76

Invesco New York AMT-Free Municipal Bond ETF (PZT)

February 29, 2024

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obllgations-98.86%
New York-98.86%
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		4.00%		11/01/2044	$	1,000	$	1,005,530
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		5.00%		11/01/2049		2,500		2,669,866
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB		5.00%		11/01/2048		500		559,053
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		04/01/2045		1,000		789,089
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		1,000		1,001,378
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		5.00%		07/01/2046		500		502,581
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450		468,462
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		4.00%		02/15/2044		500		495,555
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2041		2,000		2,075,313
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB		5.25%		11/15/2056		1,000		1,022,020
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)^(a)		5.00%		11/15/2044		800		834,877
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)^(a)		4.00%		11/15/2049		500		487,268
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		1,000		1,059,504
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		500		486,133
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051		1,240		1,239,934
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.25%		10/15/2055		1,000		1,018,472
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2040		500		511,783
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2041		750		764,146
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.00%		11/15/2047		1,000		1,044,135
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2039		2,000		2,176,813
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2043		1,000		1,080,278
New York (City of), NY, Series 2024 A, GO Bonds^(b)		5.00%		08/01/2051		1,000		1,082,664
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2042		1,000		1,065,342
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.50%		05/01/2046		125		140,903
New York (City of), NY, Subseries 2023 E-1, GO Bonds		4.00%		04/01/2050		500		489,136
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(a)		3.00%		01/01/2046		100		79,566
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		03/01/2049		2,000		1,547,862
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		4.00%		06/15/2049		1,000		979,693
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB		3.00%		06/15/2050		1,000		787,299
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB		4.00%		06/15/2050		1,000		980,265
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB		5.00%		06/15/2050		1,000		1,068,344
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		5.00%		06/15/2048		2,000		2,167,871
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		4.00%		06/15/2051		1,000		977,909
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		5.00%		06/15/2051		1,000		1,076,597
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB		4.13%		06/15/2047		2,000		2,003,720
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2043		1,000		1,018,001
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2045		1,000		1,042,033
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		1,500		1,556,350
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		4.00%		07/15/2046		1,000		979,883
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB		3.00%		11/01/2047		2,000		1,607,742
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2048		1,000		798,057
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB		5.00%		11/01/2041		1,000		1,145,103
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2042		190		197,119
New York (State of) Dormitory Authority, Series 2020 A, RB		4.00%		07/01/2050		2,000		1,944,534
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		4.25%		10/01/2051		500		500,510
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)^(a)		5.25%		10/01/2050		1,000		1,099,472
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		4.00%		02/15/2044		2,500		2,467,668
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2043		1,000		1,055,239
New York (State of) Dormitory Authority (Bidding Group 5), Series 2020 A, Ref. RB		3.00%		03/15/2049		1,000		787,720
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB		4.00%		07/01/2045		500		353,655

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		77

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(contlnued)
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050	$	1,000	$	1,065,880
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		500		479,954
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		3.00%		02/01/2050		1,110		829,728
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB		4.00%		07/01/2047		2,000		1,956,845
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		500		507,506
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)^(a)		5.50%		07/01/2040		500		602,311
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB		5.00%		07/01/2050		500		528,979
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB		4.00%		07/01/2049		1,785		1,740,067
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)^(a)		4.00%		11/15/2052		4,000		3,907,684
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)^(a)		4.00%		11/15/2061		1,490		1,429,740
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		1,000		1,016,465
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049		2,000		1,516,542
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB		3.00%		03/15/2049		1,000		798,045
New York (State of) Thruway Authority, Series 2024 P, Ref. RB		5.00%		01/01/2049		500		546,940
New York (State of) Thruway Authority, Series 2024 P, Ref. RB		5.25%		01/01/2054		250		276,417
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2038		1,000		1,070,365
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		1,885		1,911,516
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045		2,000		2,024,620
New York Liberty Development Corp., Series 2021 1, Ref. RB		3.00%		02/15/2042		250		215,078
New York Liberty Development Corp., Series 2021-1, Ref. RB		4.00%		02/15/2043		1,000		1,001,928
New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB		3.00%		09/15/2043		445		372,054
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2041		1,000		1,028,250
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,096,289
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2044		2,000		1,986,502
New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB		3.00%		03/15/2050		1,000		780,139
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2039		500		493,488
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2042		1,000		960,176
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2043		500		539,847
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		1,470		1,497,742
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		4.00%		05/15/2046		1,000		979,736
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.25%		05/15/2052		1,000		1,100,500
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB		5.00%		05/15/2054		1,000		1,083,454
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB		5.00%		11/15/2048		500		551,049
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB		5.25%		11/15/2053		1,000		1,114,483
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2051		2,500		2,684,047

TOTAL INVESTMENTS IN SECURITIES^(c)-98.86%
(Cost $98,000,444)								91,986,813
OTHER ASSETS LESS LIABILITIES-1.14%								1,061,717

NET ASSETS-100.00%							$	93,048,530


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
GO		-General Obligation
INS		-Insurer
RB		-Revenue Bonds
Ref.		-Refunding

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		78

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)


Entity				Percentage
Assured Guaranty Municipal Corp.				11.06%

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 29,2024



Income Tax Revenue			15.84

Water Revenue			12.69

Electric Power Revenue			9.12

Miscellaneous Revenue			8.94

Lease Revenue			7.56

College & University Revenue			7.47

Health, Hospital, Nursing Home Revenue			7.38

Highway Tolls Revenue			7.22

Ad Valorem Property Tax			4.80

Hotel Occupancy Tax			4.23

Transit Revenue			3.66

Port, Airport & Marina Revenue			3.59

Revenue Types Each Less Than 3%			6.36

Other Assets Less Liabilities			1.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		79

Invesco Preferred ETF (PGX)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Preferred Stocks-99.65%
Automobiles-2.00%
Ford Motor Co.
Pfd., 6.00%^(b)		1,347,051	$	32,504,341
Pfd., 6.20%		1,267,391		31,481,992
Pfd., 6.50%^(b)		1,035,387		26,143,522

				90,129,855

Banks-32.79%
Associated Banc-Corp
Series F, Pfd., 5.63%^(b)		178,921		3,682,194
Series E, Pfd., 5.88%^(b)		161,664		3,331,895
Pfd., 6.63%^(c)		518,376		11,523,498
Banc of California, Inc., Series F, Pfd., 7.75%^(b)(c)		798,191		17,432,491
Bank of America Corp.
Series PP, Pfd., 4.13%^(b)		1,648,659		31,852,092
Series QQ, Pfd., 4.25%^(b)		2,165,424		42,810,432
Series NN, Pfd., 4.38%^(b)		1,948,593		39,634,382
Series SS, Pfd., 4.75%^(b)		1,143,076		24,861,903
Series LL, Pfd., 5.00%^(b)		2,224,245		49,711,876
Series KK, Pfd., 5.38%^(b)		2,478,120		58,161,476
Series HH, Pfd., 5.88%^(b)		1,462,529		36,577,850
Series GG, Pfd., 6.00%^(b)		2,260,161		56,549,228
Series K, Pfd., 6.45%^(b)		1,239,995		31,595,073
Bank of Hawaii Corp., Series A, Pfd., 4.38%^(b)		307,929		5,197,842
Bank OZK, Series A, Pfd., 4.63%		592,033		10,354,657
Cadence Bank, Series A, Pfd., 5.50%^(b)		311,743		6,521,664
Citizens Financial Group, Inc., Series E, Pfd., 5.00%^(b)		763,021		16,244,717
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%^(b)		243,303		4,722,511
Fifth Third Bancorp
Series K, Pfd., 4.95%^(b)		420,393		9,992,742
Series A, Pfd., 6.00%^(b)		334,187		8,261,103
First Citizens BancShares, Inc.
Series A, Pfd., 5.38%		608,736		13,361,755
Series C, Pfd., 5.63%^(b)		323,471		7,397,782
First Horizon Corp.
Series F, Pfd., 4.70%		243,210		4,273,200
Series E, Pfd., 6.50%^(b)		258,063		6,379,317
Fulton Financial Corp., Series A, Pfd., 5.13%^(b)		329,530		5,997,446
Hancock Whitney Corp., Pfd., 6.25%^(b)		291,886		7,186,233
Huntington Bancshares, Inc.
Series H, Pfd., 4.50%		832,856		16,215,706
Series C, Pfd., 5.70%^(b)		309,296		6,971,532
Series J, Pfd., 6.88%^(c)		553,465		13,576,496
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%^(b)		3,365,666		66,976,753
Series JJ, Pfd., 4.55%^(b)		2,531,727		54,381,496
Series LL, Pfd., 4.63%^(b)		3,113,426		67,779,284
Series GG, Pfd., 4.75%^(b)		1,507,818		34,152,078
Series DD, Pfd., 5.75%^(b)		2,871,609		72,019,954
Series EE, Pfd., 6.00%		3,110,433		78,445,120


	Shares		Value
Banks-(continued)
KeyCorp
Series G, Pfd., 5.63%^(b)		767,516	$	17,000,479
Series F, Pfd., 5.65%^(b)		717,622		15,586,750
Series E, Pfd., 6.13%^(c)		849,320		19,967,513
Pfd., 6.20%^(c)		1,025,902		23,441,861
M&T Bank Corp., Series H, Pfd., 5.63%^(c)		433,245		10,467,199
New York Community Bancorp, Inc., Series A, Pfd., 6.38%^(b)(c)		881,601		16,794,499
Old National Bancorp
Series A, Pfd., 7.00%		186,527		4,564,316
Series C, Pfd., 7.00%^(b)		202,230		4,920,256
Popular Capital Trust II, Pfd., 6.13%		53,948		1,369,200
Regions Financial Corp.
Series E, Pfd., 4.45%^(b)		672,892		12,273,550
Series C, Pfd., 5.70%^(c)		841,280		19,526,109
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%		512,554		10,789,262
Truist Financial Corp.
Series R, Pfd., 4.75%^(b)		1,563,255		32,734,560
Series O, Pfd., 5.25%^(b)		969,325		22,633,739
U.S. Bancorp
Series L, Pfd., 3.75%^(b)		847,795		15,133,141
Series M, Pfd., 4.00%^(b)		1,298,837		24,561,008
Series O, Pfd., 4.50%^(b)		705,426		14,828,054
Series K, Pfd., 5.50%^(b)		994,922		24,475,081
Valley National Bancorp, Series A, Pfd., 6.25%^(b)(c)		193,894		4,009,728
WaFd, Inc., Series A, Pfd., 4.88%^(b)		493,291		7,798,931
Webster Financial Corp., Series F, Pfd., 5.25%		256,767		4,996,686
Wells Fargo & Co.
Series DD, Pfd., 4.25%^(b)		2,111,522		39,992,227
Series CC, Pfd., 4.38%^(b)		1,775,738		34,502,589
Series AA, Pfd., 4.70%^(b)		1,977,716		41,096,938
Series Z, Pfd., 4.75%^(b)		3,395,266		70,519,675
Series Y, Pfd., 5.63%^(b)		1,166,931		28,356,423
Series R, Pfd., 6.63%^(b)(c)		188,886		4,710,817
Western Alliance Bancorporation, Series A, Pfd., 4.25%^(c)		510,443		8,973,588
Wintrust Financial Corp.
Series D, Pfd., 6.50%^(b)(c)		215,378		5,031,230
Series E, Pfd., 6.88%^(b)(c)		485,242		12,198,984

				1,477,388,171

Broadline Retail-0.39%
QVC, Inc.
Pfd., 6.25%		836,077		12,273,610
Pfd., 6.38%^(b)		369,037		5,424,844

				17,698,454

Capital Markets-10.84%
Affiliated Managers Group, Inc.
Pfd., 4.20%		341,983		5,994,962
Pfd., 4.75%^(b)		471,923		9,240,252
Pfd., 5.88%^(b)		508,665		12,345,300
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)		390,757		6,267,742
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada)^(b)		656,231		11,904,030

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		80

Invesco Preferred ETF (PGX)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Capital Markets-(continued)
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%^(b)		1,010,558	$	21,383,407
Series D, Pfd., 5.95%^(b)		1,279,247		32,377,742
Morgan Stanley
Series O, Pfd., 4.25%^(b)		2,204,247		43,247,326
Series L, Pfd., 4.88%^(b)		911,154		20,664,973
Series K, Pfd., 5.85%^(b)(c)		1,897,388		47,795,204
Series I, Pfd., 6.38%^(c)		1,892,193		47,550,810
Series P, Pfd., 6.50%^(b)		1,692,915		44,235,869
Series F, Pfd., 6.88%^(c)		1,380,529		35,065,437
Series E, Pfd., 7.13%^(c)		1,022,321		25,997,623
New Mountain Finance Corp., Pfd., 8.25%		194,080		5,022,790
Northern Trust Corp., Series E, Pfd., 4.70%^(b)		682,482		15,881,356
Oaktree Capital Group LLC
Series B, Pfd., 6.55%		393,423		8,852,017
Series A, Pfd., 6.63%		315,519		7,083,402
Prospect Capital Corp., Series A, Pfd., 5.35%		242,829		4,786,160
State Street Corp.
Series G, Pfd., 5.35%^(b)(c)		844,294		20,237,727
Series D, Pfd., 5.90%^(c)		1,168,397		29,151,505
Stifel Financial Corp.
Series D, Pfd., 4.50%^(b)		538,922		9,808,380
Pfd., 5.20%^(b)		384,110		8,369,757
Series C, Pfd., 6.13%^(b)		374,779		9,395,710
Series B, Pfd., 6.25%^(b)		237,341		5,831,468

				488,490,949

Chemicals-0.12%
EIDP, Inc., Series B, Pfd., 4.50%		74,644		5,267,627

Commercial Services & Supplies-0.32%
Pitney Bowes, Inc., Pfd., 6.70%^(b)		729,199		14,299,592

Consumer Finance-3.93%
Capital One Financial Corp.
Series N, Pfd., 4.25%^(b)		715,479		12,792,764
Series L, Pfd., 4.38%^(b⁾		1,138,005		20,632,031
Series K, Pfd., 4.63%^(b)		213,762		4,232,488
Series J, Pfd., 4.80%		2,115,936		41,980,170
Series I, Pfd., 5.00%^(b)		2,538,502		52,191,601
Navient Corp., Pfd., 6.00%^(b)		539,499		11,534,489
Synchrony Financial
Series A, Pfd., 5.63%		1,259,733		23,632,591
Series B, Pfd., 8.25%^(b)(c)		400,000		10,020,000

				177,016,134

Diversified REITs-0.23%
Global Net Lease, Inc.
Series B, Pfd., 6.88%, (Acquired 09/28/2021 - 05/16/2023; Cost $5,003,572)^(b)(d)		218,268		4,358,812
Series A, Pfd., 7.25%^(b)		288,936		6,070,545

				10,429,357

Diversified Telecommunication Services-5.00%
AT&T, Inc.
Series C, Pfd., 4.75%		2,945,539		61,178,845
Series A, Pfd., 5.00%^(b)		2,034,411		45,143,580
Pfd., 5.35%^(b)		2,245,354		54,247,753
Pfd., 5.63%^(b)		1,405,402		34,910,186


	Shares		Value
Diversified Telecommunication Services-(continued)
Qwest Corp.
Pfd., 6.50%^(b)		1,673,460	$	17,370,515
Pfd., 6.75%		1,125,684		12,495,092

				225,345,971

Electric Utilities-7.52%
BIP Bermuda Holdings I Ltd., Pfd., 5.13% (Canada)		502,871		9,479,118
Brookfield Infrastructure Finance ULC, Pfd., 5.00% (Canada)^(b)		422,359		8,172,647
Duke Energy Corp.
Pfd., 5.63%^(b)		837,654		21,142,387
Series A, Pfd., 5.75%^(b)		1,681,696		42,748,712
Entergy Arkansas LLC, Pfd., 4.88%^(b)		492,120		11,338,445
Entergy Louisiana LLC, Pfd., 4.88%^(b)		449,283		10,275,102
Entergy Mississippi LLC, Pfd., 4.90%^(b)		444,835		10,529,245
Entergy New Orleans LLC, Pfd., 5.50%		396,636		9,626,356
Georgia Power Co., Series 2017-A, Pfd., 5.00%		458,724		11,110,295
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%^(b)		419,678		10,617,853
NextEra Energy Capital Holdings, Inc.,
Series N, Pfd., 5.65%^(b)		1,165,408		29,181,816
Pacific Gas and Electric Co., Series A, Pfd., 6.00%^(b)		176,561		4,352,229
SCE Trust II, Pfd.,5.10%^(b)		269,111		5,678,242
SCE Trust IV, Series J, Pfd., 5.38%^(c)		578,040		13,612,842
SCE Trust V, Series K, Pfd., 5.45%^(b)(c)		540,683		13,360,277
SCE Trust VI, Pfd., 5.00%^(b)		831,386		17,084,982
SCE Trust VII, Series M, Pfd., 7.50%^(b⁾		941,157		25,270,066
Southern Co. (The)
Series C, Pfd., 4.20%^(b)		1,270,700		26,341,611
Series 2020, Pfd., 4.95%		1,695,083		39,664,942
Pfd., 5.25%^(b)		769,587		19,124,237

				338,711,404

Financial Services-3.79%
Apollo Global Management, Inc., Pfd., 7.63%^(b)(c)		1,011,618		27,060,782
Brookfield BRP Holdings Canada, Inc.
Pfd., 4.63% (Canada)^(b)		593,920		10,256,998
Pfd., 4.88% (Canada)		455,559		7,894,838
Carlyle Finance LLC, Pfd., 4.63%^(b)		850,459		16,788,061
Equitable Holdings, Inc.
Series C, Pfd., 4.30%^(b)		520,647		9,715,273
Series A, Pfd., 5.25%^(b)		1,352,706		30,868,751
Jackson Financial, Inc., Pfd., 8.00%^(b)(c)		930,940		24,995,739
KKR Group Finance Co. IX LLC, Pfd., 4.63%		839,733		17,105,361
Merchants Bancorp
Series C, Pfd., 6.00%^(b)		330,373		7,350,799
Pfd., 8.25%^(c)		235,257		6,006,111
Voya Financial, Inc., Series B, Pfd., 5.35%^(b)(c)		506,021		12,604,983

				170,647,696

Gas Utilities-0.33%
South Jersey Industries, Inc., Pfd., 5.63%^(b)		337,423		4,644,628
Spire, Inc., Series A, Pfd., 5.90%^(b)		425,130		10,462,449

				15,107,077

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		81

Invesco Preferred ETF (PGX)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Independent Power and Renewable Electricity Producers-0.13%
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)		327,663	$	5,819,295

lnsurance-18.49%
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)		1,576,543		35,109,613
Allstate Corp. (The)
Series I, Pfd., 4.75%^(b)		517,363		12,240,809
Series H, Pfd., 5.10%^(b)		1,947,000		45,267,750
Series J, Pfd., 7.38%		1,001,140		27,261,042
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%^(c)		160,415		3,819,481
Series B, Pfd., 6.63%^(c)		505,428		12,777,220
American Financial Group, Inc.
Pfd., 4.50%^(b)		354,129		7,135,699
Pfd., 5.13%^(b⁾		346,797		7,577,514
Pfd., 5.63%^(b)		253,369		6,002,312
Pfd., 5.88%^(b)		213,188		5,252,952
American International Group, Inc.,
Series A, Pfd., 5.85%^(b)		750,873		18,734,281
Arch Capital Group Ltd.
Series G, Pfd., 4.55%		845,415		17,153,470
Series F, Pfd., 5.45%^(b⁾		560,473		13,456,957
Argo Group International Holdings, Inc., Pfd., 7.00%^(c)		251,407		5,958,346
Argo Group US, Inc., Pfd., 6.50%^(b)		240,844		5,575,539
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)^(b)		420,025		9,030,538
Pfd., 5.63% (Bermuda)		423,200		8,959,144
Assurant, Inc., Pfd., 5.25%^(b⁾		424,775		9,077,442
Athene Holding Ltd.
Series D, Pfd., 4.88%^(b)		977,315		18,373,522
Series B, Pfd., 5.63%		578,897		12,706,789
Series A, Pfd., 6.35%^(b)(c)		1,461,175		35,974,129
Series C, Pfd., 6.38%^(b)(c)		1,017,324		25,494,139
Series E, Pfd., 7.75%^(c)		848,567		22,571,882
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%		931,440		20,454,422
Brighthouse Financial, Inc.
Series D, Pfd., 4.63%		588,430		9,591,409
Series C, Pfd., 5.38%^(b)		969,205		18,560,276
Pfd., 6.25%^(b⁾		646,541		14,805,789
Series A, Pfd., 6.60%^(b)		726,742		17,608,959
Series B, Pfd., 6.75%^(b)		674,997		16,874,925
CNO Financial Group, Inc., Pfd., 5.13%		264,046		4,538,951
Enstar Group Ltd.
Series D, Pfd., 7.00%^(c)		689,261		17,493,444
Series E, Pfd., 7.00%^(b)		171,236		4,267,201
F&G Annuities & Life, Inc., Pfd., 7.95%^(b)		578,927		15,057,891
Globe Life, Inc., Pfd., 4.25%^(b)		551,606		11,335,503
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(^b)		585,951		14,689,792
Kemper Corp., Pfd., 5.88%^(b)^(c)		252,936		5,546,887
Lincoln National Corp., Series D, Pfd., 9.00%^(b)		874,247		24,426,461
MetLife, Inc.
Series F, Pfd., 4.75%		1,706,875		36,936,775
Series E, Pfd., 5.63%^(b)		1,337,437		32,793,955


	Shares		Value
Insurance-(continued)
PartnerRe Ltd., Series J, Pfd., 4.88% (Bermuda)^(b)		339,174	$	6,953,067
Prudential Financial, Inc.
Pfd., 4.13%^(b)		845,870		17,382,629
Pfd., 5.63%^(b)		959,765		23,994,125
Pfd., 5.95%^(b)		518,802		13,374,716
Reinsurance Group of America, Inc.
Pfd., 5.75%^(b)(c)		661,037		16,585,418
Pfd., 7.13%^(c)		1,217,801		31,882,030
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)^(b)		857,223		15,927,203
Series F, Pfd., 5.75% (Bermuda)^(b)		421,213		10,378,688
Selective Insurance Group, Inc., Series B, Pfd., 4.60%^(b)		337,859		6,236,877
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)^(b)(c)		340,344		8,539,231
Unum Group, Pfd., 6.25%^(b)		510,538		12,584,762
W.R. Berkley Corp.
Pfd., 4.13%^(b)		512,893		10,150,152
Pfd., 4.25%^(b)		419,034		9,160,083
Pfd., 5.10%^(b)		506,015		11,673,766
Pfd., 5.70%^(b)		312,136		7,831,492

				833,147,449

Leisure Products-0.51%
Brunswick Corp.
Pfd., 6.38%^(b)		393,934		9,726,231
Pfd., 6.50%^(b)		312,482		7,996,414
Pfd., 6.63%		210,697		5,218,965

				22,941,610

Multl-Utllltles-2.95%
Brookfield Infrastructure Partners L.P.
Series 14, Pfd., 5.00% (Canada)		354,701		6,267,567
Series 13, Pfd., 5.13% (Canada)		328,547		6,084,690
CMS Energy Corp.
Series C, Pfd., 4.20%		393,325		7,846,834
Pfd., 5.63%^(b)		343,174		8,455,807
Pfd., 5.88%^(b)		481,793		12,117,094
Pfd., 5.88%^(b)		1,045,533		25,856,031
DTE Energy Co.
Pfd., 4.38%^(b)		472,392		10,123,361
Series G, Pfd., 4.38%		356,332		7,532,858
Series E, Investment Units, 5.25%^(b)		677,744		16,740,277
Sempra, Pfd., 5.75%^(b)		1,272,933		31,823,325

				132,847,844

Office REITs-1.13%
Hudson Pacific Properties, Inc., Series C, Pfd., 4.75%		711,885		10,001,984
SL Green Realty Corp., Series I, Pfd., 6.50%^(b)		390,064		8,452,687
Vornado Realty Trust
Series O, Pfd., 4.45%		584,032		8,001,239
Series M, Pfd., 5.25%		565,962		9,055,392
Series N, Pfd., 5.25%		506,621		8,232,591
Series L, Pfd., 5.40%^(b)		442,393		7,188,886

				50,932,779

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		82

Invesco Preferred ETF (PGX)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate Management & Development-0.67%
Brookfield Property Partners L.P.
Series A, Pfd., 5.75%		490,897	$	5,792,584
Series A-2, Pfd., 6.38%		432,768		5,535,103
Series A-1, Pfd., 6.50%		321,390		4,190,926
Brookfield Property Preferred L.P., Pfd., 6.25%		1,132,379		14,868,136

				30,386,749

Residential REITs-0.21%
American Homes 4 Rent
Series G, Pfd., 5.88%^(b)		200,504		4,800,066
Series H, Pfd., 6.25%		185,253		4,586,864

				9,386,930

Retail REITs-1.00%
Agree Realty Corp., Series A, Pfd., 4.25%^(b⁾		291,659		5,270,278
Federal Realty Investment Trust, Series C, Pfd., 5.00%		303,146		6,805,628
Kimco Realty Corp.
Series L, Pfd., 5.13%		366,911		8,523,343
Series M, Pfd., 5.25%^(b)		443,114		10,355,574
Realty Income Corp., Series A, Pfd., 6.00%		298,793		7,326,404
SITE Centers Corp., Series A, Pfd., 6.38%^(b⁾		298,423		6,938,335

				45,219,562

Specialized REITs-4.26%
Digital Realty Trust, Inc.
Series L, Pfd., 5.20%^(b)		568,482		12,671,464
Series J, Pfd., 5.25%^(b)		377,058		8,449,870
Series K, Pfd., 5.85%^(b)		337,831		8,236,320
EPR Properties, Series G, Pfd., 5.75%^(b)		279,962		5,380,870
Public Storage
Series N, Pfd., 3.88%^(b)		477,918		8,808,029
Series O, Pfd., 3.90%^(b)		314,302		5,820,873
Series Q, Pfd., 3.95%^(b)		243,272		4,517,561
Series P, Pfd., 4.00%^(b)		1,035,572		20,038,318
Series R, Pfd., 4.00%^(b)		729,986		14,117,929
Series S, Pfd., 4.10%, (Acquired 01/04/2022; Cost $17,948,325)^(b)(d)		717,933		14,121,742
Series M, Pfd., 4.13%^(b)		377,526		7,524,093
Series L, Pfd., 4.63%^(b)		967,162		21,219,534
Series J, Pfd., 4.70%^(b)		189,497		4,212,518
Series K, Pfd., 4.75%^(b)		320,613		7,088,754
Series I, Pfd., 4.88%^(b)		397,842		9,456,704
Series G, Pfd., 5.05%^(b)		701,610		17,470,089
Series F, Pfd., 5.15%^(b)		470,911		11,607,956
Series H, Pfd., 5.60%^(b)		440,358		11,092,618

				191,835,242

Investment Abbreviations:

Pfd.	-Preferred

REIT	-Real Estate Investment Trust


	Shares		Value
Trading Companies & Distributors-1.23%
FTAI Aviation Ltd., Series C, Pfd., 8.25%^(c)		167,768	$	4,356,935
Triton International Ltd.
Series E, Pfd., 5.75% (Bermuda)^(b)		310,393		6,434,447
Pfd., 6.88% (Bermuda)^(b)		238,339		5,951,325
Pfd., 7.38% (Bermuda)		296,701		7,506,535
Pfd., 8.00% (Bermuda)^(b)		246,840		6,237,647
WESCO International, Inc., Series A, Pfd., 10.63%^(c⁾		919,824		24,927,230

				55,414,119

Wireless Telecommunication Services-1.81%
Telephone and Data Systems, Inc.
Series VV, Pfd., 6.00%^(b)		1,171,400		18,718,972
Series UU, Pfd., 6.63%		717,833		13,244,019
United States Cellular Corp.
Pfd., 5.50%^(b)		852,660		16,319,912
Pfd., 5.50%^(b)		842,151		15,975,605
Pfd., 6.25%^(b)		835,230		17,314,318

				81,572,826

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.65% (Cost $5,261,647,281)				4,490,036,692

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.63%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		33,224,846		33,224,846
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		85,392,619		85,435,315

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $118,671,535)				118,660,161

TOTAL INVESTMENTS IN SECURITIES-102.28% (Cost $5,380,318,816)				4,608,696,853
OTHER ASSETS LESS LIABILITIES-(2.28)%				(102,886,666	)

NET ASSETS-100.00%			$	4,505,810,187

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		83

Invesco Preferred ETF (PGX)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

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

^(d)	Restricted security. The aggregate value of these securities at February 29, 2024 was $18,480,554, which represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$167,509,554		$(167,509,554)		$ -		$ -		$ -		$ 313,200

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		27,945,644		85,526,546		(80,247,344)		-		-		33,224,846		825,836*

Invesco Private Prime Fund		71,785,655		196,808,707		(183,198,828)		(13,964)		53,745		85,435,315		2,216,184*


Total		$99,731,299		$449,844,807		$(430,955,726)		$(13,964)		$53,745		$118,660,161		$3,355,220

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29,2024

Financials			69.84

Utilities			10.93

Real Estate			7.50

Communication Services			6.81

Sector Types Each Less Than 3%			4.57

Money Market Funds Plus Other Assets Less Liabilities			0.35

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		84

Invesco Short Term Treasury ETF (TBLL)

February 29, 2024

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.16%
U.S. Treasury Bills-55.35%^(a)
5.27%, 04/02/2024	$	5,320,000	$	5,294,960
5.32%-5.50%, 04/04/2024		31,710,000		31,551,823
5.28%, 04/09/2024		22,000,000		21,873,922
5.31%-5.51%, 04/11/2024		31,710,000		31,519,498
5.28%, 04/16/2024		25,000,000		24,831,477
4.73%-5.53%, 04/18/2024		46,647,500		46,320,034
5.27%, 04/23/2024		30,000,000		29,766,800
5.31%-5.52%, 04/25/2024		31,710,000		31,454,182
5.30%-5.34%, 04/30/2024		23,114,000		22,910,879
5.30%-5.52%, 05/02/2024		26,460,000		26,220,051
5.25%, 05/07/2024		25,000,000		24,755,357
5.22%-5.31%, 05/09/2024		28,777,000		28,487,569
5.16%-5.50%, 05/16/2024		43,885,000		43,400,275
5.28%, 05/21/2024		20,386,000		20,146,314
5.33%, 05/23/2024		31,263,000		30,885,633
5.24%, 05/28/2024		15,814,500		15,611,914
5.31%, 06/04/2024		18,000,000		17,750,839
5.15%-5.26%, 06/06/2024		50,242,000		49,561,310
5.31%, 06/11/2024		18,000,000		17,732,862
5.16%-5.49%, 06/13/2024		32,376,000		31,888,238
5.17%-5.21%, 06/20/2024		20,098,000		19,776,072
5.22%, 06/25/2024		20,000,000		19,663,600
5.17%-5.20%, 06/27/2024		20,098,000		19,755,770
5.13%, 07/05/2024		17,923,000		17,599,938
4.96%-5.49%, 07/11/2024		22,327,000		21,906,047
5.07%, 07/18/2024		17,923,100		17,567,673
5.11%, 07/25/2024		18,450,200		18,066,344
5.10%, 08/01/2024		18,450,200		18,048,384
4.92%-5.50%, 08/08/2024		22,327,000		21,818,292
5.11%, 08/29/2024		20,000,000		19,486,664
4.89%-5.49%, 09/05/2024		21,059,000		20,506,377
4.86%-5.42%, 10/03/2024		23,780,000		23,079,441
4.80%-5.11%, 10/31/2024		19,049,000		18,411,843
4.77%-5.13%, 11/29/2024		15,312,000		14,743,496
4.78%-4.83%, 12/26/2024		12,058,000		11,571,158
4.63%, 01/23/2025		12,124,300		11,596,770

				845,561,806


	Principal Amount		Value
U.S. Treasury Notes-43.81%
0.38%, 04/15/2024	$	11,010,000	$	10,942,434
2.50%, 04/30/2024		14,712,000		14,643,158
0.25% - 2.50%, 05/15/2024		34,386,000		34,108,370
2.00% - 2.50%, 05/31/2024		34,432,000		34,164,728
0.25%, 06/15/2024		21,136,000		20,827,513
1.75% - 3.00%, 06/30/2024		57,128,000		56,520,435
0.38%, 07/15/2024		30,908,000		30,347,141
1.75% - 3.00%, 07/31/2024		65,023,000		64,166,591
0.38% - 2.38%, 08/15/2024		47,850,000		46,994,246
1.25% - 3.25%, 08/31/2024		50,563,000		49,765,067
0.38%, 09/15/2024		26,635,000		25,946,916
1.50% - 4.25%, 09/30/2024		42,538,000		41,874,832
0.63%, 10/15/2024		26,460,000		25,720,727
1.50% - 4.38%, 10/31/2024		48,729,000		47,933,240
0.75% - 2.25%, 11/15/2024		30,624,000		29,850,455
1.50% - 4.50%, 11/30/2024		41,693,000		40,878,789
1.00%, 12/15/2024		12,058,000		11,674,100
1.75% - 4.25%, 12/31/2024		25,954,900		25,496,447
1.13%, 01/15/2025		13,705,700		13,245,837
1.50% - 2.00%, 02/15/2025		45,670,000		44,254,214

				669,355,240

Total U.S. Treasury Securities (Cost $1,515,001,207)				1,514,917,046

	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(b)(c)(Cost $524,051)		524,051		524,051

TOTAL INVESTMENTS IN SECURITIES-99.19% (Cost $1,515,525,258)				1,515,441,097
OTHER ASSETS LESS LIABILITIES-0.81%				12,366,522

NET ASSETS-100.00%			$	1,527,807,619

Notes to Schedule of Investments:

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

^(b)


	Value August 31,2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 29,2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$357,133		$19,029,091		$(18,862,173)		$-		$-		$524,051		$8,425

^(c) The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		85

Invesco Short Term Treasury ETF (TBLL)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Security Type Breakdown (% of the Fund’s Net Assets) as of February 29,2024

U.S. Treasury Bills			55.35

U.S. Treasury Notes			43.81

Money Market Funds Plus Other Assets Less Liabilities			0.84

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		86

Invesco Taxable Municipal Bond ETF (BAB)

February 29, 2024

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obllgations-98.34%
Alabama-0.66%
Auburn University, Series 2020 C, RB		2.53%		06/01/2040	$	7,400	$	5,467,551
Auburn University, Series 2020 C, RB		2.68%		06/01/2050		5,000		3,376,457
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB		2.61%		01/01/2037		1,000		785,394
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB		2.71%		01/01/2038		900		700,831

								10,330,233

Alaska-0.01%
Alaska (State of) Municipal Bond Bank Authority, Series 2021 2, Ref. RB		3.03%		12/01/2041		150		111,254

Arizona-1.76%
Arizona (State of) Department of Transportation, Series 2020, Ref. RB		2.46%		07/01/2030		2,560		2,259,589
Chandler (City of), AZ, Series 2021, Ref. GO Bonds		1.75%		07/01/2028		3,000		2,676,986
Flagstaff (City of), AZ, Series 2020 A, COP		3.01%		05/01/2040		5,000		3,853,211
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 B, RB		3.17%		09/01/2051		3,000		1,978,454
Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB		2.97%		07/01/2044		905		647,570
Scottsdale (City of), AZ, Series 2020, Ref. GO Bonds		0.61%		07/01/2025		1,565		1,478,476
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB		1.23%		07/01/2028		5,000		4,355,170
Tempe (City of), AZ, Series 2021, COP		2.59%		07/01/2037		2,950		2,204,144
Tucson (City of), AZ, Series 2010, RB		5.79%		07/01/2026		1,225		1,239,463
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)		0.46%		07/01/2024		500		491,964
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)		0.83%		07/01/2025		650		615,323
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)		1.31%		07/01/2027		900		807,283
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)		1.70%		07/01/2029		500		430,893
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)		2.86%		07/01/2047		2,000		1,459,600
Yuma (City of), AZ, Series 2021, RB		2.63%		07/15/2038		4,000		3,110,455

								27,608,581

Arkansas-0.01%
University of Arkansas, Series 2021 B, RB		3.10%		12/01/2041		150		116,153


Callfornia-24.24%
Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS- AGM)^(a)		5.40%		10/01/2046		2,450		2,380,252
Alameda (County of), CA (Social Bonds), Series 2022 A-1, GO Bonds		4.55%		08/01/2042		2,250		2,101,327
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB		6.79%		04/01/2030		1,580		1,615,490
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB		7.04%		04/01/2050		3,455		4,225,342
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB		6.91%		10/01/2050		2,925		3,555,364
California (State of), Series 2009, GO Bonds		7.50%		04/01/2034		14,410		16,974,872
California (State of), Series 2009, GO Bonds		7.55%		04/01/2039		16,760		20,435,917
California (State of), Series 2009, GO Bonds		7.30%		10/01/2039		14,060		16,477,547
California (State of), Series 2009, GO Bonds		7.35%		11/01/2039		8,355		9,837,242
California (State of), Series 2010, GO Bonds		7.63%		03/01/2040		4,400		5,345,263
California (State of), Series 2010, GO Bonds		7.60%		11/01/2040		7,350		9,032,753
California (State of), Series 2018, Ref. GO Bonds		4.50%		04/01/2033		4,700		4,593,619
California (State of), Series 2023, GO Bonds		5.10%		03/01/2029		8,045		8,207,204
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.77%		12/01/2034		1,310		974,527
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.79%		12/01/2035		5,325		3,855,131
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.24%		10/01/2027		1,000		889,825
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.47%		10/01/2028		1,000		873,770
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.60%		10/01/2029		1,000		852,509
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.69%		10/01/2030		1,000		831.843
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		2.72%		10/01/2040		1,000		751,193
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB		6.49%		05/15/2049		950		1,060,456
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB		2.52%		10/01/2035		4,680		3,395,016
California (State of) Public Works Board (California State University), Series 2010 B-2, RB		7.80%		03/01/2035		750		862,650

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		87

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Callfornia-(contlnued)
California (State of) Statewide Communities Development Authority (California Independent System Operator Corp.) (Green Bonds), Series 2021, Ref. RB		2.68%		02/01/2039	$	1,850	$	1,392,970
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB		4.82%		08/01/2045		2,000		1,611,527
California State University, Series 2010 B, RB		6.48%		11/01/2041		850		930,961
California State University, Series 2020 B, Ref. RB		2.98%		11/01/2051		2,900		2,077,623
California State University, Series 2021 B, Ref. RB		2.80%		11/01/2041		5,000		3,652,023
California State University, Series 2021 B, Ref. RB		2.72%		11/01/2052		4,900		3,316,749
California State University, Series 2023 B, RB		5.18%		11/01/2053		2,000		1,984,027
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB		3.70%		01/15/2044		3,000		2,356,856
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)^(a)		2.81%		06/01/2045		1,000		671,532
Coast Community College District, Series 2022, Ref. GO Bonds		2.98%		08/01/2039		1,000		781,627
Downey (City of), CA, Series 2021, RB		2.85%		06/01/2040		750		553,749
Downey (City of), CA, Series 2021, RB		3.00%		06/01/2044		550		381,326
East Bay Municipal Utility District, Series 2010, RB		5.03%		06/01/2032		1,000		1,010,441
East Bay Municipal Utility District, Series 2010, RB		5.87%		06/01/2040		3,000		3,230,901
El Segundo (City of), CA, Series 2021, RB		3.06%		07/01/2040		1,500		1,144,256
Fresno (City of), CA, Series 2010 A-2, Ref. RB		6.50%		06/01/2030		1,950		2,064,282
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB		3.49%		06/01/2036		850		701,515
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB		3.71%		06/01/2041		9,380		7,312,615
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB		3.12%		06/01/2038		12,400		9,986,388
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)^(a)		2.87%		08/01/2040		4,000		3,047,817
Huntington Beach (City of), CA, Series 2021, Ref. RB		0.62%		06/15/2024		1,400		1,381,320
Huntington Beach (City of), CA, Series 2021, Ref. RB		1.07%		06/15/2025		1,900		1,802,766
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)^(a)		3.92%		09/01/2050		6,000		4,440,352
Inglewood (City of), CA, Series 2023, RB, (INS - AGM)^(a)		6.40%		09/01/2053		1,000		1,035,174
Jurupa Community Services District, Series 2010 B, COP		6.35%		09/01/2025		980		997,318
Jurupa Community Services District, Series 2010 B, COP		6.50%		09/01/2026		1,070		1,109,746
Jurupa Community Services District, Series 2010 B, COP		6.60%		09/01/2027		1,125		1,190,332
Jurupa Community Services District, Series 2010 B, COP		6.70%		09/01/2028		1,120		1,208,133
Jurupa Community Services District, Series 2010 B, COP		7.19%		09/01/2040		2,000		2,378,226
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB		5.38%		07/01/2024		500		499,425
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB		6.01%		07/01/2039		2,270		2,391,855
Los Angeles (City of), CA Department of Water & Power, Series 2010 A, RB		6.60%		07/01/2050		1,715		2,033,985
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.57%		07/01/2045		6,000		6,997,359
Los Angeles Community College District, Series 2010, GO Bonds		6.60%		08/01/2042		3,000		3,464,172
Los Angeles Community College District, Series 2020, Ref. GO Bonds		0.77%		08/01/2025		6,500		6,137,170
Los Angeles Community College District, Series 2020, Ref. GO Bonds		1.81%		08/01/2030		5,000		4,268,528
Los Angeles Community College District, Series 2020, Ref. GO Bonds		2.83%		08/01/2039		3,350		2,595,056
Los Angeles Unified School District, Series 2010 J-05, GO Bonds		5.98%		05/01/2027		450		461,978
Montebello (City of), CA, Series 2020, RB, (INS - AGM)^(a)		4.06%		06/01/2039		6,000		5,154,941
Monterey Park (City of), CA, Series 2021 A, RB		3.02%		06/01/2043		2,500		1,813,065
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.68%		11/01/2024		1,000		970,078
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.95%		11/01/2025		1,000		936,907
Napa Valley Unified School District, Series 2010 B, GO Bonds		6.51%		08/01/2043		2,950		3,273,796
Northern California Power Agency, Series 2010 B, RB		7.31%		06/01/2040		1,000		1,146,280
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.08%		05/01/2024		515		511,381
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.18%		05/01/2025		600		573,277
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.52%		05/01/2026		600		558,387
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.67%		05/01/2027		875		795,384
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.95%		05/01/2028		600		537,778
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.05%		05/01/2029		1,000		877,568
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.10%		05/01/2030		500		428,416
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.20%		05/01/2031		375		314,976
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.30%		05/01/2032		850		700,725
Oxnard School District, Series 2020, Ref. GO Bonds, (INS- BAM)^(a)		2.63%		08/01/2041		8,040		5,852,705
Paramount Unified School District, Series 2020, Ref. GO Bonds, (INS - BAM)^(a)		3.27%		08/01/2051		5,000		3,636,662
Pasadena (City of), CA, Series 2020 A, Ref. RB		3.24%		05/01/2045		5,000		3,590,462

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		88

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Callfornia-(contlnued)
Pomona (City of), CA, Series 2020 BJ, RB		3.72%		08/01/2040	$	3,250	$	2,658,937
Pomona (City of), CA, Series 2020 BJ, RB		3.82%		08/01/2046		1,500		1,166,946
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds		0.96%		09/01/2026		5,500		5,009,617
Rancho Water District Financing Authority, Series 2021 A, Ref. RB		2.60%		08/01/2040		850		636,557
Regents of the University of California Medical Center, Series 2009 F, RB		6.46%		05/15/2029		410		429,106
Regents of the University of California Medical Center, Series 2009 F, RB		6.58%		05/15/2049		4,335		4,939,187
Regents of the University of California Medical Center, Series 2020 N, RB		3.71%		05/15/2120		5,000		3,433,520
Richmond (City of), CA, Series 2022, Ref. RB		5.79%		01/15/2044		4,950		4,956,264
Riverside (City of), CA, Series 2009 B, RB		6.35%		10/01/2039		500		557,996
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB		3.86%		06/01/2045		2,000		1,719,690
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.69%		08/01/2041		1,000		715,238
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.79%		08/01/2045		1,000		676,478
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.86%		08/01/2049		900		586,944
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB		4.23%		10/15/2038		2,000		1,815,799
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.74%		05/01/2025		2,000		1,904,641
San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB^(b)		0.59%		05/01/2024		1,330		1,319,431
San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB		0.59%		05/01/2024		670		664,892
San Francisco (City & County of), CA, Series 2010 C, GO Bonds		6.26%		06/15/2030		1,450		1,570,037
San Francisco (City & County of), CA, Series 2010 D, GO Bonds		6.26%		06/15/2030		3,800		4,082,553
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		2.83%		06/15/2050		1,325		902,703
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		3.08%		06/15/2060		1,000		663,467
San Francisco (City & County of), CA (525 Golden Gate Avenue - San Francisco Public Utilities Commission Office), Series 2009 D, COP		6.49%		11/01/2041		3,000		3,213,721
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 C, Ref. RB		3.35%		05/01/2051		2,000		1,469,088
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB		2.80%		03/01/2044		450		319,804
San Francisco (City of), CA Public Utilities Commission, Series 2010 B, RB		6.00%		11/01/2040		2,245		2,364,540
San Francisco (City of), CA Public Utilities Commission, Series 2010 E, RB		5.70%		11/01/2027		2,900		2,991,866
San Francisco (City of), CA Public Utilities Commission, Series 2010 E, RB		6.00%		11/01/2040		2,480		2,619,671
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.95%		11/01/2050		4,600		5,359,373
San Francisco Community College District, Series 2020 A-1, GO Bonds		3.17%		06/15/2041		4,000		3,081,719
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB		4.76%		05/01/2042		4,000		3,741,981
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB		4.86%		05/01/2052		1,000		920,049
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB		3.42%		06/01/2041		3,750		2,975,228
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		3.08%		08/01/2025		2,000		1,946,294
San Jose Unified School District, Series 2021, Ref. GO Bonds		2.31%		08/01/2039		7,000		5,100,665
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)^(a)		3.74%		09/01/2050		2,500		1,887,590
Santa Ana (City of), CA, Series 2021 A, RB		3.10%		08/01/2044		1,500		1,157,156
Santa Clara Valley Water District, Series 2016 B, Ref. RB		4.35%		06/01/2046		3,000		2,704,441
Santa Monica Community College District, Series 2020, Ref. GO Bonds		2.70%		08/01/2040		1,230		917,407
Santa Monica Community College District, Series 2020, Ref. GO Bonds		2.80%		08/01/2044		1,700		1,201,354
Tulare (County of), CA, Series 2018, RB		4.45%		06/01/2037		2,000		1,879,445
University of California, Series 2015 AQ, RB		4.77%		05/15/2115		1,477		1,331,881
University of California, Series 2016 AS, Ref. RB		3.55%		05/15/2039		1,500		1,280,694
University of California, Series 2019 BD, RB		3.35%		07/01/2029		13,000		12,249,230
University of California, Series 2020 BG, RB		0.88%		05/15/2025		5,000		4,761,904
University of California, Series 2020 BG, RB		1.32%		05/15/2027		13,910		12,545,980
University of California, Series 2020 BG, RB		1.61%		05/15/2030		7,500		6,291,477
University of California, Series 2021 Bl, Ref. RB		0.87%		05/15/2026		1,000		919,198
University of California, Series 2021 Bl, Ref. RB		1.27%		05/15/2027		1,000		900,647
University of California, Series 2021 Bl, Ref. RB		1.37%		05/15/2028		1,000		879,959
University of California, Series 2021 Bl, Ref. RB		1.70%		05/15/2029		1,000		868,181
University of California, Series 2021 Bl, Ref. RB		1.90%		05/15/2030		1,000		853,954
University of California, Series 2021 Bl, Ref. RB		2.00%		05/15/2031		1,000		836,686
University of California, Series 2021 Bl, Ref. RB		2.05%		05/15/2032		1,000		817,506
University of California, Series 2021 Bl, Ref. RB		2.15%		05/15/2033		1,000		804,622
University of California, Series 2021 Bl, Ref. RB		2.25%		05/15/2034		1,000		792,928
University of California, Series 2021 Bl, Ref. RB		2.35%		05/15/2035		1,000		781,788

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		89

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Callfornia-(contlnued)
University of California, Series 2021 Bl, Ref. RB		2.45%		05/15/2036	$	1,000	$	772,847
University of California, Series 2021 BJ, RB		3.07%		05/15/2051		1,860		1,324,174
University of California, Series 2022 BL, RB		4.50%		05/15/2052		1,000		879,715
University of California, Series 2024 B, RB		4.93%		05/15/2034		750		755,214

								380,313,960

Colorado-1.45%
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB		2.72%		08/01/2046		1,925		1,301,602
Board of Governors of Colorado State University System, Series 2010 B, RB, (CEP-Colorado Higher Education Intercept Program)		5.96%		03/01/2033		950		997,261
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB		3.70%		11/01/2039		1,100		931,143
Colorado (State of) Regional Transportation District, Series 2010 B, RB		5.84%		11/01/2050		4,025		4,407,141
Colorado (State of) Regional Transportation District, Series 2010, COP		7.67%		06/01/2040		2,950		3,546,879
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)		5.54%		11/01/2038		1,000		1,005,417
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)		6.50%		11/01/2053		2,000		2,083,398
Colorado Housing and Finance Authority, Series 2023 Q-1, RB, (CEP - GNMA)		6.07%		11/01/2038		1,500		1,554,817
Colorado Mesa University, Series 2009 B, RB, (CEP-Colorado Higher Education Intercept Program)		5.80%		05/15/2040		1,215		1,266,608
Denver (City & County of), CO, Series 2016 B, Ref. RB		3.82%		08/01/2032		950		884,204
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.52%		11/15/2032		2,000		1,670,761
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.62%		11/15/2033		1,500		1,238,169
Denver City & County School District No. 1, Series 2009 C, GO Bonds		5.66%		12/01/2033		450		468,579
Denver City & County School District No. 1, Series 2011, Ref. COP		7.02%		12/15/2037		1,220		1,403,201

								22,759,180

Connecticut-1.18%
Connecticut (State of), Series 2010, RB		5.46%		11/01/2030		1,000		1,014,454
Connecticut (State of), Series 2019 A, GO Bonds		3.48%		04/15/2029		500		475,419
Connecticut (State of), Series 2021 A, GO Bonds		0.51%		06/01/2024		500		494,183
Connecticut (State of), Series 2021 A, GO Bonds		0.92%		06/01/2025		250		237,905
Connecticut (State of), Series 2021 A, GO Bonds		1.12%		06/01/2026		400		369,475
Connecticut (State of), Series 2021 A, GO Bonds		1.50%		06/01/2027		200		181,394
Connecticut (State of), Series 2021 A, GO Bonds		1.65%		06/01/2028		350		311,217
Connecticut (State of), Series 2021 A, GO Bonds		1.89%		06/01/2029		440		385,428
Connecticut (State of), Series 2021 A, GO Bonds		1.99%		06/01/2030		650		555,409
Connecticut (State of), Series 2021 A, GO Bonds		2.09%		06/01/2031		850		711,850
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB		3.54%		07/01/2051		2,610		1,822,064
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB		2.56%		04/01/2039		1,000		744,386
New Britain (City of), CT, Series 2018, Ref. GO Bonds^(b)(c)		4.35%		03/01/2028		20		19,412
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)^(a)		4.35%		03/01/2039		4,765		4,293,950
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)^(a)		3.25%		09/01/2042		4,000		2,999,527
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.24%		08/01/2030		2,000		2,095,073
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.39%		08/01/2040		1,595		1,754,883

								18,466,029

Delaware-0.32%
University of Delaware, Series 2018, RB		4.07%		11/01/2050		5,720		5,014,540

District of Columbia-0.56%
District of Columbia, Series 2009 E, RB		5.59%		12/01/2034		2,200		2,259,209
District of Columbia, Series 2010 F, RB		5.58%		12/01/2035		1,300		1,350,676
District of Columbia, Series 2023 B, Ref. RB		5.20%		05/01/2032		1,200		1,243,531
District of Columbia Water & Sewer Authority (Green Bonds), Series 2014 A, RB		4.81%		10/01/2114		950		873,476
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009 D, RB		7.46%		10/01/2046		2,430		3,018,001

								8,744,893

Florida-3.18%
Deltona (City of), FL, Series 2021, Ref. RB, (INS-BAM)^(a)		2.84%		10/01/2050		3,000		1,987,984

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		90

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florlda-(contlnued)
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)^(a)		3.61%		08/15/2040	$	5,750	$	4,531,921
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)^(a)		3.22%		02/01/2032		950		793,844
Gainesville (City of), FL, Series 2003 B, RB, (INS - NATL)^(a)		5.42%		10/01/2033		1,000		999,339
Gainesville (City of), FL, Series 2020, RB		3.05%		10/01/2040		6,000		4,498,455
JEA Electric System, Series 2009 F, RB		6.41%		10/01/2034		450		477,065
JEA Water & Sewer System, Series 2010 A, RB		6.21%		10/01/2033		1,200		1,275,740
Lee Memorial Health System, Series 2010 A, RB		7.28%		04/01/2027		2,450		2,578,743
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.14%		10/01/2027		950		901,012
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.18%		10/01/2028		3,550		3,331,155
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.28%		10/01/2029		2,700		2,509,684
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		1.23%		10/01/2025		1,500		1,413,752
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		3.27%		10/01/2041		2,250		1,782,184
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.29%		10/01/2031		500		420,828
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.44%		10/01/2032		450		374,367
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.54%		10/01/2033		500		410,702
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.74%		10/01/2036		1,000		786,658
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.79%		10/01/2037		450		349,281
Miami-Dade (County of), FL Transit System, Series 2010 B, RB		5.53%		07/01/2032		2,450		2,502,316
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB		2.60%		07/01/2042		6,050		4,474,101
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds		2.73%		06/01/2038		2,500		1,934,858
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref. RB, (INS - AGM)^(a)		2.54%		10/01/2030		1,850		1,552,186
State Board of Administration Finance Corp., Series 2020 A, RB		1.26%		07/01/2025		2,700		2,567,136
State Board of Administration Finance Corp., Series 2020 A, RB		1.71%		07/01/2027		4,505		4,056,777
State Board of Administration Finance Corp., Series 2020 A, RB		2.15%		07/01/2030		3,950		3,342,386

								49,852,474

Georgia-1.83%
Atlanta (City of), GA, Series 2020, Ref. RB		2.26%		11/01/2035		900		719,556
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022, Ref. RB		3.47%		10/01/2042		4,950		3,753,613
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB		3.13%		11/01/2049		4,000		2,784,342
Georgia (State of), Series 2010, GO Bonds		4.31%		10/01/2026		950		942,377
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB		6.66%		04/01/2057		4,268		4,815,540
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010, RB		7.06%		04/01/2057		7,470		8,313,858
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB		6.47%		07/01/2045		5,000		5,266,600
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 B, RB		6.70%		07/01/2056		1,900		2,068,013

								28,663,899

Hawali-1.40%
Hawaii (State of), Series 2010 DX, GO Bonds		5.53%		02/01/2030		950		981,935
Hawaii (State of), Series 2017 A, RB		3.89%		07/01/2037		1,200		1,068,405
Hawaii (State of), Series 2020 E, Ref. RB		2.23%		07/01/2029		2,200		1,945,346
Hawaii (State of), Series 2020 FZ, GO Bonds		0.89%		08/01/2026		1,000		914,529
Hawaii (State of), Series 2020 FZ, GO Bonds		2.00%		08/01/2027		4,900		4,508,047
Hawaii (State of), Series 2020 FZ, GO Bonds		1.70%		08/01/2032		5,000		3,957,372
Hawaii (State of), Series 2020 FZ, GO Bonds		1.87%		08/01/2033		1,000		781,980
Hawaii (State of), Series 2020 FZ, GO Bonds		2.29%		08/01/2040		1,000		694,820
Hawaii (State of), Series 2020 GB, GO Bonds		0.85%		10/01/2025		2,000		1,879,882
Hawaii (State of), Series 2023 GM, GO Bonds		5.32%		10/01/2038		500		513,556
Hawaii (State of), Series 2023 GM, GO Bonds		5.30%		10/01/2039		800		817,477
Hawaii (State of), Series 2023 GM, GO Bonds		5.40%		10/01/2041		500		510,614
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		0.55%		07/01/2024		100		98,436
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.47%		07/01/2030		500		414,479
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.62%		07/01/2031		1,000		811,898
Kauai (County of), HI, Series 2010 A, GO Bonds		5.76%		08/01/2033		1,950		2,100,284

								21,999,060

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		91

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
ldaho-0.33%
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)		5.36%		01/01/2043	$	2,435	$	2,346,002
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)		5.45%		01/01/2048		2,385		2,277,203
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB		6.35%		07/15/2028		570		599,789

								5,222,994

llllnois-6.38%
Chicago (City of), IL, Series 2010 B, GO Bonds		7.52%		01/01/2040		2,000		2,194,250
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds		6.21%		01/01/2032		4,515		4,525,618
Chicago (City of), IL, Series 2010 C, GO Bonds		6.21%		01/01/2036		5,040		5,021,312
Chicago (City of), IL, Series 2010 D, GO Bonds		6.26%		01/01/2040		2,000		1,979,002
Chicago (City of), IL, Series 2011 C-1, GO Bonds		7.78%		01/01/2035		1,665		1,832,205
Chicago (City of), IL, Series 2015 B, GO Bonds		7.38%		01/01/2033		2,049		2,191,697
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB		6.40%		01/01/2040		5,700		6,337,733
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.47%		01/01/2049		4,950		4,576,693
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.57%		01/01/2054		4,580		4,276,606
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		1.37%		01/01/2025		5,970		5,781,072
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		1.70%		01/01/2026		4,865		4,580,140
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.35%		01/01/2030		2,950		2,570,380
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.45%		01/01/2031		2,000		1,712,636
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.55%		01/01/2032		2,000		1,682,718
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 E, Ref. GO Bonds		1.82%		12/01/2027		1,000		902,269
Chicago (City of), IL Transit Authority, Series 2010 B, RB		6.20%		12/01/2040		1,000		1,071,256
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.60%		12/01/2035		9,950		8,612,896
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.91%		12/01/2040		3,000		2,570,609
Du Page (County of), IL, Series 2010, GO Bonds		5.70%		01/01/2029		500		509,077
Illinois (State of), Series 2003, GO Bonds		5.10%		06/01/2033		300		295,712
Illinois (State of), Series 2010 2, GO Bonds		6.90%		03/01/2035		9,250		9,954,033
Illinois (State of), Series 2010, GO Bonds		6.75%		03/01/2028		1,815		1,930,665
Illinois (State of), Series 2010-3, GO Bonds		6.73%		04/01/2035		923		964,276
Illinois (State of), Series 2022 A, GO Bonds		5.50%		10/01/2025		1,000		1,004,242
Illinois (State of), Series 2023 A, GO Bonds		5.25%		05/01/2024		1,000		999,399
Illinois (State of), Series 2023 A, GO Bonds		5.25%		05/01/2025		1,000		998,985
Illinois (State of), Series 2023 A, GO Bonds		5.21%		05/01/2026		1,000		1,002,498
Illinois (State of), Series 2023 A, GO Bonds		5.11%		05/01/2027		1,000		1,002,907
Illinois (State of) Finance Authority (Ann & Robert H. Lurie Children’s Hospital), Series 2018, Ref. RB		3.94%		08/15/2047		1,000		818,738
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB		3.51%		05/15/2041		4,000		3,032,338
Illinois (State of) Housing Development Authority, Series 2023 I, Ref. RB, (CEP - FNMA)		5.76%		10/01/2053		1,000		1,000,474
Illinois (State of) Housing Development Authority (Social Bonds), Series 2023 O, RB, (CEP - FNMA)		6.28%		10/01/2049		1,000		1,029,815
Illinois (State of) Municipal Electric Agency, Series 2009, RB		6.83%		02/01/2035		845		905,140
Illinois (State of) Regional Transportation Authority, Series 2010, RB		6.00%		07/01/2035		500		531,056
Northern Illinois Municipal Power Agency, Series 2010 A, RB		7.62%		01/01/2030		145		155,795
Sales Tax Securitization Corp., Series 2017 B, Ref. RB		3.59%		01/01/2043		850		707,546
Sales Tax Securitization Corp., Series 2019 A, Ref. RB		4.79%		01/01/2048		250		231,911
Sales Tax Securitization Corp., Series 2020 B, Ref. RB		2.96%		01/01/2032		2,500		2,198,934
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)^(a)		3.41%		01/01/2043		6,000		4,739,091
Sales Tax Securitization Corp., Series 2021 B, Ref. RB		3.24%		01/01/2042		1,995		1,597,433
Sales Tax Securitization Corp., Series 2023 B, Ref. RB		4.87%		01/01/2032		500		501,412
Sales Tax Securitization Corp. (Social Bonds), Series 2023 B, RB		5.29%		01/01/2041		1,500		1,510,257

								100,040,826

lndiana-0.66%
Indiana (State of) Finance Authority, Series 2009 B, RB		6.60%		02/01/2039		1,200		1,347,096
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana Obligated Group), Series 2022, RB		4.31%		03/01/2052		1,950		1,670,101
Indiana (State of) Finance Authority (Green Bonds) (Ohio River Bridges East and Crossing), Series 2021, RB		3.05%		01/01/2051		450		333,748

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		92

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Indlana-(contlnued)
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 B-3, RB, (CEP - GNMA)		5.43%		07/01/2048	$	1,300	$	1,224,584
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2, RB, (CEP - GNMA)		5.55%		07/01/2043		1,000		972,087
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2, RB, (CEP - GNMA)		5.60%		07/01/2047		1,000		964,547
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB		5.85%		01/15/2030		830		858,781
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB		5.97%		01/15/2030		2,970		3,062,917

								10,433,861

lowa-0.37%
Coralville (City of), IA, Series 2023 A, Ref. GO Bonds, (INS - AGM)^(a)		6.22%		05/01/2043		5,000		5,079,298
Iowa Student Loan Liquidity Corp., Series 2022 A, RB		5.08%		12/01/2039		725		709,525

								5,788,823

Kansas-0.37%
Kansas (State of) Department of Transportation, Series 2010, RB		4.60%		09/01/2035		1,510		1,473,346
Kansas (State of) Development Finance Authority, Series 2015 H, RB		4.73%		04/15/2037		1,500		1,453,093
Kansas (State of) Development Finance Authority, Series 2015 H, RB		4.93%		04/15/2045		1,900		1,826,886
Kansas (State of) Development Finance Authority, Series 2021K, RB, (INS - BAM)^(a)		2.77%		05/01/2051		1,500		1,040,549

								5,793,874

Kentucky-0.29%
Kenton (County of), KY Airport Board, Series 2019, RB		4.69%		01/01/2049		1,000		875,142
Kentucky (Comonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)^(a)		3.12%		07/01/2049		2,000		1,284,937
Kentucky (Comonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)^(a)		3.22%		07/01/2053		1,950		1,220,107
Kentucky Housing Corp., Series 2024 B, RB, (CEP - GNMA)		5.91%		07/01/2054		1,000		1,003,315
Louisville (City of)& Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds		5.45%		11/15/2027		150		153,510

								4,537,011

Louisiana-1.57%
Lafayette (Parish of), LA School Board, Series 2020, Ref. RB		2.83%		04/01/2048		1,965		1,346,750
Louisiana (State of), Series 2020 A-2, Ref. RB		2.23%		05/01/2036		2,000		1,501,552
Louisiana (State of), Series 2020 A-2, Ref. RB		2.53%		05/01/2041		2,900		2,072,321
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds		1.86%		06/01/2032		3,000		2,416,328
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)^(a)		3.17%		06/01/2040		1,450		1,066,392
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)^(a)		3.25%		06/01/2044		1,000		688,887
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS-AGM)^(a)		2.59%		02/01/2043		3,225		2,179,061
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS-AGM)^(a)		2.64%		02/01/2048		950		595,315
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS-AGM)^(a)		2.28%		06/01/2030		4,850		4,174,710
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB		3.08%		08/15/2043		1,000		734,822
Louisiana Local Government Environmental Facilities & Community Development Authority (Louisiana Utilities Restoration Corp./ELL), Series 2023, RB		5.05%		12/01/2034		1,250		1,251,561
Louisiana Local Government Environmental Facilities & Community Development Authority (Louisiana Utilities Restoration Corporation Project/ELL), Series 2022, RB		4.48%		08/01/2039		3,540		3,363,389
New Orleans (City of), LA, Series 2021, Ref. RB, (INS-AGM)^(a)		2.84%		06/01/2041		1,400		1,011,569
New Orleans (City of), LA, Series 2021, Ref. RB, (INS-AGM)^(a)		2.89%		12/01/2041		1,500		1,095,714
New Orleans (City of), LA, Series 2021, Ref. RB, (INS-AGM)^(a)		2.94%		06/01/2045		870		587,669
New Orleans (City of), LA, Series 2021, Ref. RB, (INS-AGM)^(a)		2.99%		12/01/2045		850		581,259

								24,667,299

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		93

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maine-0.05%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, (INS - AGM)^(a)		3.12%		07/01/2043	$	1,000	$	732,582


Maryland-1.35%
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.70%		07/01/2024		1,125		1,108,325
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.85%		07/01/2025		1,000		944,477
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.70%		07/01/2024		1,000		985,336
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.85%		07/01/2025		1,400		1,323,119
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.14%		07/01/2026		760		696,949
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.34%		07/01/2027		1,000		893,932
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.58%		07/01/2028		605		530,288
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.81%		07/01/2040		1,000		750,881
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.86%		07/01/2043		1,345		944,614
Baltimore (County of), MD, Series 2010 C, GO Bonds		4.45%		11/01/2026		1,000		990,302
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.53%		08/01/2024		500		489,911
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.81%		08/01/2025		500		470,405
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.91%		08/01/2026		715		650,525
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.25%		08/01/2027		1,000		889,552
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.30%		08/01/2028		1,000		864,145
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.64%		08/01/2029		1,000		851,368
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.69%		08/01/2030		450		372,428
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2013 B, RB		4.67%		07/01/2036		1,000		951,483
Maryland (State of) Transportation Authority, Series 2010 B, RB^(b)(c)		5.60%		04/05/2024		1,150		1,164,014
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)		5.36%		09/01/2038		1,000		991,481
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)		5.48%		09/01/2043		500		491,659
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)		5.53%		03/01/2047		500		489,124
Maryland Community Development Administration, Series 2023 F, RB, (CEP - GNMA)		6.15%		09/01/2038		1,000		1,046,541
Maryland Community Development Administration, Series 2023 F, RB, (CEP - GNMA)		6.23%		09/01/2043		1,000		1,036,832
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB		4.75%		06/01/2042		1,400		1,189,185

								21,116,876

Massachusetts-3.11%
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.48%		05/01/2024		4,300		4,293,108
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.91%		05/01/2029		7,715		7,775,206
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds		4.50%		08/01/2031		1,950		1,924,743
Massachusetts (Commonwealth of), Series 2010, GO Bonds		4.68%		05/01/2026		2,400		2,388,517
Massachusetts (Commonwealth of), Series 2019 D, Ref. GO Bonds		2.81%		09/01/2043		1,000		732,983
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.70%		11/01/2025		2,000		1,870,106
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.99%		11/01/2026		1,000		909,800
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.14%		11/01/2027		3,000		2,658,877
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.37%		11/01/2028		2,500		2,171,015
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.67%		11/01/2031		1,950		1,572,488
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.87%		11/01/2033		1,850		1,435,190
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds		3.28%		06/01/2046		1,500		1,187,183
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2010, RB		5.87%		07/01/2040		2,000		2,133,538
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2010, RB		5.19%		08/01/2040		820		818,251
Massachusetts (Commonwealth of) College Building Authority, Series 2009 C, RB, (CEP - Colorado Higher Education Intercept Program)		5.83%		05/01/2030		4,950		5,093,849
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)		5.84%		12/01/2042		1,500		1,517,451
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)		5.92%		12/01/2047		750		757,415
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)		5.56%		12/01/2052		940		932,718
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB		2.72%		07/01/2042		1,200		873,534
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB		2.87%		07/01/2051		525		350,652
Massachusetts (Commonwealth of) School Building Authority, Series 2009, RB		5.72%		08/15/2039		350		366,508
Massachusetts (Commonwealth of) School Building Authority, Series 2019 B, Ref. RB		3.40%		10/15/2040		600		496,193

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		94

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(contlnued)
Massachusetts (Commonwealth of) School Building Authority, Series 2020 C, Ref. RB		2.95%		05/15/2043	$	950	$	719,541
Massachusetts (Commonwealth of) School Building Authority, Series 2021 A, Ref. RB		2.40%		02/15/2036		675		524,232
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2019 F, Ref. RB		3.10%		08/01/2039		1,000		818,667
University of Massachusetts Building Authority, Series 2010 2, RB		4.55%		11/01/2025		1,450		1,434,297
University of Massachusetts Building Authority, Series 2021 2, Ref. RB		2.65%		11/01/2036		3,805		3,002,572

								48,758,634

Michigan-1.86%
Gerald R Ford International Airport Authority, Series 2023 A, RB		5.50%		01/01/2053		1,300		1,328,193
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)^(a)		2.62%		07/01/2036		1,800		1,447,782
Macomb (County of), Ml, Series 2020, Ref. GO Bonds		1.67%		11/01/2029		2,900		2,476,432
Michigan (State of) Building Authority, Series 2020 II, Ref. RB		2.71%		10/15/2040		3,900		2,915,914
Michigan (State of) Finance Authority (Detroit Distributable State Aid Fifth Lien and LTGO Financial
Recovery Refunding), Series 2018 D, RB		5.02%		11/01/2043		1,774		1,694,880
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C, Ref. RB		3.61%		11/01/2032		500		464,048
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C-1, Ref. RB		3.59%		11/01/2035		1,000		880,150
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		0.80%		09/01/2024		500		489,355
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.12%		09/01/2025		250		235,862
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.27%		09/01/2026		500		457,919
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.53%		09/01/2027		500		448,370
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.68%		09/01/2028		1,000		877,648
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.88%		09/01/2029		500		429,704
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		2.03%		09/01/2030		1,000		835,863
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		3.23%		09/01/2047		2,000		1,526,803
University of Michigan, Series 2010 A, RB		5.51%		04/01/2030		250		257,624
University of Michigan, Series 2020 B, RB		1.67%		04/01/2030		1,050		887,271
University of Michigan, Series 2022 A, RB		3.50%		04/01/2052		4,000		3,111,647
University of Michigan, Series 2022 A, RB		4.45%		04/01/2122		950		811,305
University of Michigan, Series 2022 C, Ref. RB		3.60%		04/01/2047		4,950		4,186,060
University of Michigan (Green Bonds), Series 2022 B, RB		3.50%		04/01/2052		1,133		881,374
Western Michigan University, Series 2021 B, Ref. RB, (INS-AGM)^(a)		2.88%		11/15/2043		3,500		2,480,464

								29,124,668

Minnesota-0.49%
Minnesota (State of) Housing Finance Agency, Series 2023 S, RB, (CEP - GNMA)		6.33%		07/01/2049		1,000		1,037,504
University of Minnesota, Series 2022, RB		4.05%		04/01/2052		4,950		4,321,886
Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB		3.23%		01/01/2046		2,950		2,261,876

								7,621,266

Mississippi-1.64%
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB		2.92%		06/01/2041		4,000		2,955,569
Mississippi (State of), Series 2009 D, GO Bonds		5.54%		10/01/2029		2,610		2,673,096
Mississippi (State of), Series 2010 F, GO Bonds		5.25%		11/01/2034		950		965,915
Mississippi (State of), Series 2020 A, Ref. GO Bonds		0.94%		11/01/2026		4,500		4,086,654
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.04%		11/01/2027		5,000		4,413,571
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.63%		11/01/2031		7,500		6,029,888
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.73%		11/01/2032		4,000		3,148,993
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.78%		11/01/2033		1,900		1,461,177

								25,734,863

Missouri-1.22%
Curators of the University of Missouri (The), Series 2020, Ref. RB		2.01%		11/01/2027		1,260		1,151,141
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.30%		03/01/2024		2,815		2,815,000
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.40%		03/01/2025		2,900		2,787,208

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		95

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Mlssourl-(contlnued)
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB		4.20%		10/01/2049	$	4,900	$	4,078,427
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		5.06%		05/01/2024		950		949,831
Missouri (State of) Highway & Transportation Commission, Series 2010 B, RB		5.02%		05/01/2025		950		949,714
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB		6.89%		01/01/2042		4,950		5,516,440
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB		7.60%		01/01/2032		835		920,115

								19,167,876

Montana-0.12%
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), Series 2021 B, RB		3.25%		08/15/2051		1,450		995,529
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB		3.00%		08/15/2051		1,500		949,183

								1,944,712

Nebraska-0.28%
Omaha Public Facilities Corp., Series 2017, RB		4.35%		02/01/2047		1,735		1,511,058
University of Nebraska Facilities Corp. (The), Series 2019 A, Ref. RB		3.04%		10/01/2049		3,950		2,938,998

								4,450,056

Nevada-0.43%
Clark (County of), NV, Series 2010 A, GO Bonds		6.55%		07/01/2030		1,295		1,364,252
Clark (County of), NV, Series 2010 A, GO Bonds		6.75%		07/01/2038		1,620		1,819,410
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB		7.45%		02/01/2040		3,000		3,547,139

								6,730,801

New Hampshire-0.43%
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB.		3.78%		01/01/2036		1,200		934,466
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB		3.28%		10/01/2037		2,880		2,005,808
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB		3.30%		04/01/2032		2,900		2,241,798
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), Series 2020, Ref. RB		3.18%		01/01/2036		1,920		1,394,009
New Hampshire (State of) Turnpike System, Series 2009 A, RB		6.01%		11/01/2039		200		217,213

								6,793,294

New Jersey-3.23%
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB		6.18%		01/15/2027		185		187,546
New Jersey (State of) Economic Development Authority, Series 2007 A-2, RB, (INS - AGC)^(a)		6.31%		07/01/2026		1,115		1,120,857
New Jersey (State of) Economic Development Authority (Green Bonds), Series 2023, RB		5.40%		03/01/2033		250		253,685
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2010 G, RB		6.19%		07/01/2040		3,000		2,490,808
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, Ref. RB, (INS - AGM)^(a)		4.43%		07/01/2051		1,950		1,574,362
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)^(a)		3.96%		07/01/2048		1,400		1,044,181
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB		6.56%		12/15/2040		7,455		8,140,633
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB		5.75%		12/15/2028		1,940		1,960,044
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		4.13%		06/15/2042		1,000		834,424
New Jersey (State of) Turnpike Authority, Series 2010 A, RB		7.10%		01/01/2041		900		1,052,738
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		0.90%		01/01/2025		500		482,882
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.05%		01/01/2026		7,725		7,213,640
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.28%		01/01/2027		500		455,324
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.48%		01/01/2028		80		71,376
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.71%		01/01/2029		200		175,353
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.81%		01/01/2030		500		428,039
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.86%		01/01/2031		500		417,404
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		2.78%		01/01/2040		1,000		745,760
New Jersey Institute of Technology, Series 2020 B, Ref. RB		3.42%		07/01/2042		4,000		3,161,152
Passaic (County of), NJ Improvement Authority (The), Series 2010, RB		6.54%		08/01/2031		1,000		1,001,253

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		96

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.57%		12/15/2029	$	500	$	546,374
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.82%		12/15/2039		450		543,101
Rutgers The State University of New Jersey, Series 2010 H, RB		5.55%		05/01/2029		775		785,158
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB		3.27%		05/01/2043		3,500		2,796,346
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.56%		05/01/2040		6,000		4,386,862
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.68%		05/01/2046		5,000		3,341,068
South Jersey Port Corp., Series 2009, RB		7.37%		01/01/2040		4,950		5,550,307

								50,760,677

New Mexico-0.11%
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, RB		4.41%		08/01/2046		1,950		1,682,422

New York-13.24%
Metropolitan Transportation Authority, Series 2009, RB		5.87%		11/15/2039		335		342,028
Metropolitan Transportation Authority, Series 2009, RB		7.34%		11/15/2039		1,965		2,389,328
Metropolitan Transportation Authority, Series 2010 A-2, RB		6.09%		11/15/2040		2,500		2,659,483
Metropolitan Transportation Authority, Series 2010 E, RB		6.81%		11/15/2040		6,425		7,110,994
Metropolitan Transportation Authority, Series 2010, RB		6.65%		11/15/2039		1,750		1,904,282
Metropolitan Transportation Authority, Series 2010, RB		6.67%		11/15/2039		7,250		7,957,317
Metropolitan Transportation Authority, Series 2010, RB		6.69%		11/15/2040		3,745		4,094,870
Monroe County Industrial Development Corp. (University of Rochester), Series 2020, RB		2.85%		07/01/2050		3,000		1,883,636
New York & New Jersey (States of) Port Authority, One Hudred Sixty Eigh Series 2011, RB		4.93%		10/01/2051		5,385		5,237,320
New York & New Jersey (States of) Port Authority, One Hundred and Seventy Fourth Series 2012, RB		4.46%		10/01/2062		1,225		1,094,685
New York & New Jersey (States of) Port Authority, Series 2021, RB		3.14%		02/15/2051		2,000		1,428,901
New York & New Jersey (States of) Port Authority, Two Hundred First Series 2017, RB		4.23%		10/15/2057		2,675		2,281,644
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Ninth Series 2023, Ref. RB		5.07%		07/15/2053		7,000		7,048,534
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fifth Series 2021, RB		3.18%		07/15/2060		1,000		685,033
New York (City of), NY, Series 2009 D-1, GO Bonds		5.99%		12/01/2036		1,400		1,476,298
New York (City of), NY, Series 2009, GO Bonds		5.21%		10/01/2031		6,000		6,055,519
New York (City of), NY, Series 2010 F-1, GO Bonds		6.27%		12/01/2037		7,870		8,565,763
New York (City of), NY, Series 2010 G-1, GO Bonds		5.97%		03/01/2036		8,395		8,923,383
New York (City of), NY, Series 2010 H-1, GO Bonds		5.65%		06/01/2027		950		961,413
New York (City of), NY, Series 2010 H-1, GO Bonds		5.85%		06/01/2040		5,000		5,267,019
New York (City of), NY, Series 2020 D-3, GO Bonds		2.22%		03/01/2035		6,930		5,355,160
New York (City of), NY, Series 2023 B-1, GO Bonds		5.83%		10/01/2053		5,000		5,596,142
New York (City of), NY, Subseries 2019 A-2, GO Bonds		2.13%		08/01/2024		9,000		8,882,464
New York (City of), NY, Subseries 2019 A-2, GO Bonds		2.63%		08/01/2028		10,000		9,229,377
New York (City of), NY (Social Bonds), Series 2022, GO Bonds		5.26%		10/01/2052		1,550		1,618,130
New York (City of), NY Educational Construction Fund, Series 2010 A, RB		6.00%		04/01/2035		1,950		2,080,510
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)		2.68%		03/01/2033		2,000		1,644,247
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)		2.73%		03/01/2034		3,000		2,424,044
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)		2.78%		03/01/2035		3,000		2,380,478
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB		5.72%		06/15/2042		4,460		4,644,895
New York (City of), NY Transitional Finance Authority, Series 2009, RB		5.77%		08/01/2036		1,100		1,137,009
New York (City of), NY Transitional Finance Authority, Series 2010 G-3, RB		5.27%		05/01/2027		4,000		4,048,526
New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB		6.83%		07/15/2040		3,610		4,018,569
New York (City of), NY Transitional Finance Authority, Series 2010, RB		5.51%		08/01/2037		1,525		1,559,464
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB		2.45%		05/01/2027		1,000		934,478
New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB		2.11%		11/01/2024		950		931,045
New York (State of) Dormitory Authority, Series 2009 F, RB		5.29%		03/15/2025		200		199,950
New York (State of) Dormitory Authority, Series 2009, RB		5.63%		03/15/2039		1,200		1,242,819
New York (State of) Dormitory Authority, Series 2010 D, RB		5.00%		03/15/2024		2,100		2,099,454
New York (State of) Dormitory Authority, Series 2010 D, RB		5.50%		03/15/2030		2,760		2,795,750

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		97

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(contlnued)
New York (State of) Dormitory Authority, Series 2010 H, RB		5.29%		03/15/2033	$	1,345	$	1,350,802
New York (State of) Dormitory Authority, Series 2010 H, RB		5.39%		03/15/2040		1,800		1,816,691
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB		3.14%		07/01/2043		1,900		1,544,070
New York (State of) Dormitory Authority, Series 2020 F, Ref. RB^(b)		3.19%		02/15/2043		4,900		3,659,801
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB^(b)		0.58%		03/15/2024		500		499,234
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB^(b)		1.06%		03/15/2025		500		479,704
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB^(b)		1.26%		03/15/2026		2,000		1,865,445
New York (State of) Dormitory Authority, Series 2021 C, RB^(b)		0.49%		03/15/2024		1,000		998,442
New York (State of) Dormitory Authority, Series 2021 C, RB^(b)		0.89%		03/15/2025		900		861,907
New York (State of) Dormitory Authority, Series 2021 C, RB^(b)		1.19%		03/15/2026		1,000		931,287
New York (State of) Dormitory Authority, Series 2021 C, RB^(b)		1.54%		03/15/2027		1,000		912,995
New York (State of) Dormitory Authority, Series 2021 C, RB^(b)		1.75%		03/15/2028		1,000		896,450
New York (State of) Dormitory Authority, Series 2021 C, RB		1.95%		03/15/2029		900		792,738
New York (State of) Dormitory Authority, Series 2021 C, RB		2.05%		03/15/2030		1,000		862,579
New York (State of) Dormitory Authority, Series 2021 C, RB		2.15%		03/15/2031		1,000		845,968
New York (State of) Dormitory Authority, Series 2021 C, RB		2.25%		03/15/2032		1,000		830,330
New York (State of) Dormitory Authority, Series 2021 C, RB		2.20%		03/15/2034		900		719,517
New York (State of) Dormitory Authority (Barnard College), Series 2022 B, Ref. RB		5.97%		07/01/2042		3,000		2,946,889
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB		4.85%		07/01/2048		5,000		4,687,907
New York (State of) Dormitory Authority (New York University), Series 2020 B, Ref. RB		2.77%		07/01/2043		5,000		3,573,452
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019 B-2, RB		4.01%		07/01/2049		3,000		2,453,453
New York (State of) Thruway Authority, Series 2019 M, Ref. RB		2.90%		01/01/2035		5,000		4,274,664
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB		2.95%		11/01/2041		4,900		3,660,590
New York State Environmental Facilities Corp., Series 2010 B, RB		5.71%		06/15/2030		950		992,110
New York State Urban Development Corp., Series 2010 B, RB		5.84%		03/15/2040		1,950		2,010,723
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.80%		03/15/2031		5,000		4,104,538
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.90%		03/15/2032		4,850		3,891,979
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.47%		07/01/2028		2,950		2,756,708
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.57%		07/01/2029		1,950		1,793,673
New York Transportation Development Corp. (MTA ADA Upgrades) (Sustainability Bonds), Series 2023, RB		6.97%		06/30/2051		5,000		4,920,791
Triborough Bridge & Tunnel Authority, Series 2009 B, RB		5.50%		11/15/2039		2,715		2,785,669
Triborough Bridge & Tunnel Authority, Series 2010, RB		5.45%		11/15/2032		2,230		2,297,438
Western Nassau County Water Authority, Series 2010 B, RB		6.70%		04/01/2040		500		554,218

								207,762,723

North Carolina-0.04%
University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB		3.33%		12/01/2036		760		671,369

Ohio-2.82%
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB		8.08%		02/15/2050		7,880		10,532,781
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB		7.50%		02/15/2050		3,245		3,974,449
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB		6.27%		02/15/2050		1,905		2,041,503
American Municipal Power, Inc. (OH Combined Hydroelectric), Series 2009 B, RB		6.45%		02/15/2044		2,000		2,173,121
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB		6.05%		02/15/2043		8,005		8,448,351
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2010, RB		5.94%		02/15/2047		1,000		1,044,226
Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Ref. RB		1.95%		06/01/2026		1,000		929,541
Cleveland (City of), OH, Series 2014, Ref. RB^(b)(c)		5.50%		11/15/2024		900		900,157
Columbus (City of), OH Regional Airport Authority, Series 2019, RB		4.20%		12/15/2048		1,000		826,307
Cuyahoga (County of), OH (MetroHealth System), Series 2010 B, RB		8.22%		02/15/2040		950		1,067,073
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB		6.39%		12/01/2030		1,000		1,054,998
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB		6.54%		12/01/2036		1,070		1,166,282
JobsOhio Beverage System, Series 2020 A, Ref. RB		2.83%		01/01/2038		2,000		1,617,670
JobsOhio Beverage System, Series 2023, RB		4.43%		01/01/2033		2,655		2,625,977
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 B, Ref. RB		3.70%		01/01/2043		1,000		853,073
Ohio State University (The), Series 2014, RB		5.59%		12/01/2114		950		918,707

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		98

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(contlnued)
Ohio State University (The), Series 2016 A, RB		3.80%		12/01/2046	$	950	$	770,487
Ohio State University (The), Series 2020, Ref. RB		3.02%		12/01/2050		5,000		3,367,693

								44,312,396

Oklahoma-0.99%
Oklahoma (City of), OK Water Utilities Trust, Series 2022, Ref. RB		4.64%		07/01/2042		950		876.982
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB		4.38%		11/01/2045		3,350		3,117,709
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB		4.71%		05/01/2052		5,000		4,733,975
Oklahoma (State of) Development Finance Authority (Public Service Co. of Oklahama), Series 2022, RB		4.62%		06/01/2044		4,950		4,726,287
Oklahoma (State of) Municipal Power Authority, Series 2021 B, Ref. RB, (INS - AGM)^(a)		2.80%		01/01/2041		1,000		737,992
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.90%		01/01/2025		1,400		1,352,692

								15,545,637

Oregon-1.54%
Hillsboro Economic Development Council, Series 2024, RB, (INS - AGM)^(a)		5.94%		06/01/2043		400		411,911
Metro, Series 2019, GO Bonds		3.25%		06/01/2028		9,950		9,464,435
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB		2.99%		09/01/2036		1,850		1,534,983
Oregon (State of), Series 2003, GO Bonds		5.89%		06/01/2027		1,900		1,931,257
Oregon (State of) Department of Transportation, Series 2010 A, RB		5.83%		11/15/2034		950		1,010,042
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB		1.66%		11/15/2031		4,000		3,219,102
Oregon (State of) Facilities Authority (Willamette University), Series 2021 B, RB		4.10%		10/01/2041		1,000		774,214
Oregon State University, Series 2019, RB		4.05%		04/01/2052		3,950		3,186,489
Oregon State University, Series 2020, RB, (INS - BAM)^(a)		3.42%		03/01/2060		2,620		1,921,396
Portland (Port of), OR (Portland International Airport), Series 2019, RB		4.24%		07/01/2049		950		772,473

								24,226,302

Pennsylvania-2.38%
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds		2.09%		11/01/2033		900		711,879
Commonwealth Financing Authority, Series 2010 C-2, RB		5.59%		06/01/2030		2,000		2,059,946
Commonwealth Financing Authority, Series 2019 A, RB		3.81%		06/01/2041		5,000		4,293,797
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)^(a)		3.66%		06/01/2038		2,000		1,729,275
Commonwealth Financing Authority, Series 2020 C, Ref. RB		3.53%		06/01/2042		900		723,663
Commonwealth Financing Authority, Series 2021 A, RB		2.99%		06/01/2042		900		681,595
Erie (City & County of), PA Water Authority, Series 2020 C, RB, (INS - AGM)^(a)		3.46%		06/01/2060		3,140		2,155,500
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)^(a)		3.23%		12/01/2050		1,000		697,002
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)^(a)		3.48%		12/01/2055		1,000		716,037
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)^(a)		3.63%		12/01/2059		2,500		1,809,692
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds		4.65%		02/15/2026		2,135		2,115,468
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB		2.85%		06/15/2036		1,000		807,614
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB		3.14%		06/15/2042		900		705,564
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB		6.14%		04/01/2030		950		985,550
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB		3.44%		12/01/2043		2,900		2,240,870
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB		6.11%		12/01/2039		1,393		1,520,510
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB		3.42%		12/01/2041		4,950		3,939,529
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB		0.94%		04/15/2024		750		745,944
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB		1.43%		04/15/2025		500		479,817
Philadelphia School District (The), Series 2010 B, GO Bonds		6.62%		06/01/2030		950		1,001,884
Pittsburgh (City of), PA, Series 2020 B, Ref. GO Bonds		1.19%		09/01/2026		4,000		3,665,883
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2018, RB		5.05%		08/15/2049		1,500		1,354,608
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB		3.01%		09/15/2041		2,750		2,133,430

								37,275,057

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		99

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carollna-0.90%
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2020, Ref. RB		1.42%		12/01/2027	$	1,000	$	893,032
Columbia (City of), SC, Series 2021 B, Ref. RB		3.01%		02/01/2049		1,545		1,076,391
South Carolina (State of) Jobs-Economic Development Authority (Conway Hospital, Inc.), Series 2020, RB, (INS - AGM)^(a)		2.73%		07/01/2030		5,500		4,809,826
South Carolina (State of) Public Service Authority, Series 2010 C, RB		6.45%		01/01/2050		4,950		5,536,427
South Carolina Student Loan Corp., Series 2020 A, RB		3.59%		12/01/2039		1,900		1,844,280

								14,159,956

South Dakota-0.05%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B, Ref. RB		3.69%		07/01/2042		950		753,613


Tennessee-0.54%
Memphis (City of), TN, Series 2010, GO Bonds		6.04%		07/01/2034		1,000		1,078,370
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.39%		07/01/2030		100		82,083
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.49%		07/01/2031		100		79,970
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.59%		07/01/2032		125		97,572
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.79%		07/01/2034		200		149,977
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 B, RB		4.05%		07/01/2026		1,000		975,054
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB		3.44%		10/01/2046		950		759,572
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 B, RB		3.24%		07/01/2052		2,500		1,615,219
Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2010 B, RB		6.73%		07/01/2043		1,000		1,131,593
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 D, RB		5.45%		07/01/2043		1,000		1,010,187
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 D, RB		5.60%		07/01/2056		1,500		1,528,712

								8,508,309

Texas-10.29%
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)^(a)		2.86%		11/15/2042		2,485		1,777,351
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB		4.64%		08/15/2030		10,000		9,975,429
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB		4.79%		08/15/2046		1,000		970,102
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 D, RB		5.13%		08/15/2042		900		912,653
Channelview Independent School District, Series 2010 B, GO Bonds, (CEP - Texas Permanent School Fund)		5.93%		08/15/2035		2,000		2,004,481
Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)^(a)		4.88%		10/01/2047		950		876,663
Corpus Christi (City of), TX, Series 2020 B, Ref. RB		2.81%		07/15/2040		300		226,575
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB		1.33%		11/01/2025		3,250		3,059,866
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB		1.65%		11/01/2026		2,400		2,213,398
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB		2.92%		11/01/2050		900		642,154
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.01%		11/01/2024		2,000		1,945,952
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.30%		11/01/2025		1,000		940,963
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.53%		11/01/2026		1,000		917,550
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.73%		11/01/2027		1,000		899.377
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.93%		11/01/2028		750		662,923
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.04%		11/01/2029		2,000		1,730,921
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.14%		11/01/2030		2,000		1,704,833

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		100

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(contlnued)
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.74%		11/01/2035	$	2,000	$	1,588,172
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.87%		11/01/2037		1,500		1,168,529
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.84%		11/01/2046		2,500		1,826,797
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB		4.09%		11/01/2051		1,500		1,278,678
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB		4.51%		11/01/2051		2,400		2,187,611
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. RB		5.00%		11/01/2042		800		778,980
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. RB		5.05%		11/01/2047		500		481,818
Dallas (City of), TX Area Rapid Transit, Series 2009 B, RB		6.00%		12/01/2044		2,000		2,164,419
Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB		2.61%		12/01/2048		900		600,885
Dallas (City of), TX Independent School District, Series 2010 C, GO Bonds, (CEP - Texas Permanent School Fund)		6.45%		02/15/2035		5,120		5,156,533
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2024		950		945,075
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2025		250		246,687
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2026		900		885,347
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2027		250		245,373
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2028		950		929,504
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2029		450		437,532
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		1.94%		08/15/2030		1,000		850,755
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.01%		08/15/2031		1,000		832,293
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.09%		08/15/2032		250		203,843
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.19%		08/15/2034		250		197,334
Dallas Convention Center Hotel Development Corp., Series 2009, RB		7.09%		01/01/2042		2,730		3,075,502
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.74%		08/01/2041		5,500		4,016,117
El Paso (City of), TX, Series 2014, Ref. GO Bonds		5.18%		08/15/2034		1,000		983,711
Fort Worth (City of), TX, Series 2017 B, RB		4.09%		03/01/2037		1,035		928,832
Grand Parkway Transportation Corp., Series 2020, Ref. RB		3.22%		10/01/2049		740		545,666
Grand Parkway Transportation Corp., Series 2020, Ref. RB		3.24%		10/01/2052		1,000		729,455
Harris (County of)& Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS-AGM)^(a)		3.71%		11/15/2056		4,000		2,806,257
Harris (County of)& Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS-AGM)^(a)		3.86%		11/15/2040		2,155		1,772,350
Houston (City of), TX, Series 2017, GO Bonds		3.96%		03/01/2047		900		785,619
Houston (City of), TX, Series 2020 C, Ref. RB		1.82%		07/01/2027		1,000		910,931
Midland (City of), TX, Series 2022 A, Ref. GO Bonds		4.52%		03/01/2042		3,000		2,803,449
Midland (City of), TX, Series 2022 A, Ref. GO Bonds		4.67%		03/01/2050		2,950		2,722,235
North Texas Tollway Authority, Series 2009 B, RB		6.72%		01/01/2049		1,700		1,994,395
North Texas Tollway Authority, Series 2020, Ref. RB		3.08%		01/01/2042		500		382,836
North Texas Tollway Authority, Series 2021, Ref. RB		3.01%		01/01/2043		950		711,450
Permanent University Fund - University of Texas System, Series 2009, RB		5.26%		07/01/2039		300		306,631
San Antonio (City of), TX, Series 2016, Ctfs. Of Obligation		2.93%		02/01/2046		1,345		960,313
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.84%		02/01/2025		10,000		9,622,850
San Antonio (City of), TX, Series 2022, GO Bonds		4.53%		02/01/2042		2,000		1,812,753
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)^(a)		3.29%		09/01/2040		500		391,204

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		101

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(contlnued)
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)^(a)		3.42%		09/01/2050	$	900	$	632,069
Texas (State of), Series 2009, GO Bonds		5.52%		04/01/2039		6,580		6,900,127
Texas (State of), Series 2019, Ref. GO Bonds		3.21%		04/01/2044		1,000		802,054
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2025		950		953,044
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2026		1,450		1,464,831
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2027		3,175		3,231,710
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2028		3,250		3,326,736
Texas (State of), Series 2021 A, Ref. GO Bonds		4.00%		10/01/2029		1,790		1,749,047
Texas (State of), Series 2021 A, Ref. GO Bonds		1.84%		10/01/2030		1,780		1,510,976
Texas (State of), Series 2021 A, Ref. GO Bonds		1.94%		10/01/2031		1,595		1,328,900
Texas (State of), Series 2021 B, Ref. GO Bonds		0.79%		10/01/2024		1,000		975,101
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2025		1,000		1,003,205
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2026		1,570		1,586,058
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2027		2,730		2,778,762
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2028		1,585		1,622,424
Texas (State of), Series 2021 B, Ref. GO Bonds		3.00%		10/01/2029		3,655		3,392,781
Texas (State of), Series 2021 B, Ref. GO Bonds		1.84%		10/01/2030		4,200		3,565,224
Texas (State of), Series 2021 B, Ref. GO Bonds		1.94%		10/01/2031		1,000		833,166
Texas (State of), Series 2021 B, Ref. GO Bonds		2.04%		10/01/2032		1,570		1,285,195
Texas (State of), Series 2021 B, Ref. GO Bonds		2.14%		10/01/2033		1,000		806,869
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB		3.03%		08/15/2041		1,950		1,443,083
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.03%		04/01/2026		1,525		1,521,762
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.18%		04/01/2030		11,765		11,813,586
Texas A&M University, Series 2019 A, RB		4.20%		05/15/2048		2,450		2,161,824
Texas A&M University, Series 2019 B, Ref. RB		2.62%		05/15/2029		2,950		2,692,329
Texas A&M University, Series 2021 B, RB		2.81%		05/15/2041		1,000		757,040
Texas Natural Gas Securitization Finance Corp., Series 2023 A-1, RB		5.10%		04/01/2035		1,000		1,007,799
Texas Natural Gas Securitization Finance Corp., Series 2023 A-2, RB		5.17%		04/01/2041		3,000		3,047,567
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)^(a)		3.46%		09/01/2040		1,160		895,446
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB		2.84%		03/01/2040		4,900		3,677,263

								161,495,890

Utah-0.95%
Salt Lake (County of), UT Municipal Building Authority, Series 2009 B, RB		5.82%		12/01/2029		500		517,774
Utah (State of), Series 2009 D, GO Bonds		4.55%		07/01/2024		150		149,384
Utah (State of), Series 2010 B, GO Bonds		3.54%		07/01/2025		1,050		1,035,506
Utah (State of) Transit Authority, Series 2009 B, RB		5.94%		06/15/2039		1,765		1,885,651
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.72%		12/15/2027		4,000		3,618,339
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.82%		12/15/2028		3,950		3,500,997
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.94%		12/15/2029		4,900		4,258,243

								14,965,894

Virgin lslands-0.42%
Virgin Islands (Government of) Water & Power Authority (Electric System), Series 2010 C, RB, (INS - AGM)^(a)		6.85%		07/01/2035		5,745		6,531,245


Virginia-0.41%
Virginia (Commonwealth of) Housing Development Authority, Series 2019 A, RB		2.95%		10/25/2049		1,627		1,420,304
Virginia (Commonwealth of) Housing Development Authority, Series 2020 B, RB		2.75%		10/25/2046		1,169		976,841
Virginia (Commonwealth of) Housing Development Authority, Series 2020 C, RB		3.83%		04/01/2055		1,600		1,196,012
Virginia (Commonwealth of) Housing Development Authority, Series 2020 F, RB		3.28%		07/01/2050		1,990		1,383,305
Virginia (Commonwealth of) Transportation Board, Series 2010, RB		4.70%		05/15/2024		1,395		1,391,844

								6,368,306

Washington-2.01%
Benton (County of), WA Public Utility District No. 1, Series 2010, RB		6.55%		11/01/2030		650		701,961
Central Puget Sound Regional Transit Authority (Build America Bonds), Series 2009 S-2T, RB		5.49%		11/01/2039		1,805		1,872,512
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB		6.88%		09/01/2032		6,450		7,066,334

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		102

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washlngton-(contlnued)
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB		5.25%		09/01/2030	$	1,380	$	1,407,862
Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2010 L, Ref. RB		5.73%		01/01/2030		2,450		2,567,606
Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2010 L, Ref. RB		5.83%		01/01/2040		2,750		2,907,176
King (County of), WA, Series 2020 B, Ref. RB		1.30%		01/01/2028		1,000		886,823
King (County of), WA, Series 2020 B, Ref. RB		1.46%		01/01/2029		5,915		5,128,983
Seattle (Port of), WA, Series 2017, Ref. RB		3.76%		05/01/2036		500		451,186
Tacoma (City of), WA, Series 2010 B, RB		5.37%		12/01/2030		1,000		1,031,144
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)^(a)		5.79%		01/01/2032		2,570		2,680,600
University of Washington, Series 2021 B, Ref. RB		2.62%		04/01/2042		1,950		1,393,745
Washington (State of), Series 2010 B, GO Bonds		5.09%		08/01/2033		1,950		1,988,381
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB		6.42%		07/01/2030		1,350		1,407,936

								31,492,249

West Virglnia-0.17%
Ohio (County of), WV, Series 2019 A, Ref. RB		4.00%		03/01/2040		1,800		1,364,319
Tobacco Settlement Finance Authority, Series 2020, Ref. RB		4.31%		06/01/2049		1,650		1,277,590

								2,641,909

Wlsconsin-0.70%
Wisconsin (State of), Series 2016 B, Ref. RB		3.29%		05/01/2037		1,000		849,842
Wisconsin (State of), Series 2017 A, Ref. RB		3.95%		05/01/2036		2,950		2,728,811
Wisconsin (State of), Series 2020 A, Ref. RB		2.50%		05/01/2032		1,900		1,614,593
Wisconsin (State of), Series 2020-2, Ref. GO Bonds^(b)		1.88%		05/01/2025		845		813,458
Wisconsin (State of), Series 2021 3, Ref. GO Bonds^(b)		0.65%		05/01/2025		405		384,383
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.36%		05/01/2024		900		893,449
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.80%		05/01/2026		900		828,858
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)^(a)		4.17%		12/15/2050		1,950		1,535,490
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)^(a)		3.09%		06/01/2050		2,000		1,344,028

								10,992,912


Total Municipal Obligations (Cost $1,753,973,266)								1,542,787,438


U.S. Dollar Denominated Bonds & Notes-0.22%
California-0.22%
Pepperdine University, Series 2020		3.30%		12/01/2059		5,000		3,387,556


					Shares
Money Market Funds-0.33%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e) (Cost $5,286,136)						5,286,136		5,286,136

TOTAL INVESTMENTS IN SECURITIES^(f)-98.89% (Cost $1,764,259,402)								1,551,461,130
OTHER ASSETS LESS LIABILITIES-1.11%								17,343,209

NET ASSETS-100.00%							$	1,568,804,339

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		103

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


Investment Abbreviations:
AGC		-Assured Guaranty Corp.
AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
BHAC		-Berkshire Hathaway Assurance Corp.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
FNMA		-Federal National Mortgage Association
GNMA		-Government National Mortgage Association
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

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

^(b)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	11,750,804		$	47,927,344		$	(54,392,012	)		$	-		$	-		$	5,286,136		$	268,810

^(e)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(f)


Entity	Percentage

Assured Guaranty Municipal Corp.		6.13%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		104

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29,2024

Ad Valorem Property Tax		20.51

College & University Revenue		12.69

Miscellaneous Revenue		10.68

Port, Airport & Marina Revenue		7.34

Electric Power Revenue		6.99

General Fund		6.24

Sales Tax Revenue		5.75

Lease Revenue		5.45

Water Revenue		5.11

Health, Hospital, Nursing Home Revenue		3.67

Highway Tolls Revenue		3.57

Revenue Types Each Less Than 3%		10.56

Money Market Funds Plus Other Assets Less Liabilities		1.44

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		105

Invesco Variable Rate Preferred ETF (VRP)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-74.55%
Banks-33.12%
BAC Capital Trust XIV, Series G, 6.05% (3 mo. Term SOFR + 0.66%)^(b)(c)	$	3,551,000	$	2,933,745
Bank of America Corp.
Series AA, 6.10%^(b)(d)(e)		13,805,000		13,830,161
Series DD, 6.30%^(b)(d)(e)		7,270,000		7,322,019
Series FF, 5.88%^(b)(e)		16,386,000		15,897,789
Series JJ, 5.13%^(b)(e)		6,175,000		6,151,386
Series MM, 4.30%^(b)(e)		5,575,000		5,375,154
Series RR, 4.38%^(b)(d)(e)		12,100,000		11,202,473
Series TT, 6.13%^(b)(d)(e)		14,526,000		14,550,104
Series U, 8.74% (3 mo. Term SOFR + 3.40%)^(b)(c)		7,336,000		7,389,096
Series X, 6.25%^(b)(e⁾		14,515,000		14,512,683
Bank of Montreal (Canada), 4.80%^(b)(d)(e)		3,650,000		3,535,315
Bank of Nova Scotia (The) (Canada)
4.90%^(b)(d)(e)		9,051,000		8,696,347
8.24% (3 mo. Term SOFR + 2.91%)^(b)(c)		9,000,000		8,572,814
Citigroup, Inc.
3.88%^(b)(e)		16,670,000		15,701,128
7.38%^(b)(d)(e)		8,949,000		9,173,897
7.63%^(b)(d)(e)		10,740,000		11,101,863
Series D, 9.03% (3 mo. Term SOFR + 3.73%)^(b)(c)(d)		9,018,000		9,067,121
Series M, 6.30%^(b)(e)		12,700,000		12,684,277
Series P, 5.95%^(b)(d)(e)		14,257,000		14,152,971
Series V, 4.70%^(b)(e)		10,800,000		10,402,174
Series Y, 4.15%^(b)(e)		7,253,000		6,554,734
Citizens Financial Group, Inc., Series F, 5.65%^(b)(d)(e⁾		2,930,000		2,845,462
CoBank, ACB
Series J, 4.25%^(b)(e)		2,900,000		2,366,690
Series K, 6.45%^(b)(e)		2,922,000		2,885,232
Comerica, Inc., 5.63%^(b)(e)		2,857,000		2,741,686
Fifth Third Bancorp
Series H, 8.62% (3 mo. Term SOFR + 3.29%)^(b)(c)		4,275,000		4,165,568
Series L, 4.50%^(b)(e)		2,490,000		2,371,949
Huntington Bancshares, Inc.
Series E, 8.46% (3 mo. Term SOFR + 3.14%^(b)(c)(d)		2,929,000		2,874,436
Series F, 5.63%^(b)(d)(e)		3,611,000		3,286,010
Series G, 4.45%^(b)(e)		3,635,000		3,201,246


	Principal Amount		Value
Banks-(continued)
JPMorgan Chase & Co.
Series CC, 8.15% (3 mo. Term SOFR + 2.84%)^(b)(c)(d)	$	9,066,000	$	9,130,115
Series FF, 5.00%^(b)(e)		16,226,000		16,144,559
Series HH, 4.60%^(b)(e)		21,744,000		21,221,961
Series II, 4.00%^(b)(d)(e)		10,755,000		10,279,120
Series KK, 3.65%^(b)(d)(e)		14,345,000		13,375,400
Series Q, 8.82% (3 mo. Term SOFR + 3.51%)^(b)(c)(d)		10,870,000		10,941,199
Series R, 8.87% (3 mo. Term SOFR + 3.56%)^(b)(c)(d)		10,890,000		10,962,615
Series S, 9.35% (3 mo. Term SOFR + 4.04%)^(b)(c)		14,500,000		14,588,392
Series U, 6.13%^(b)(e)		7,253,000		7,260,819
Series W, 6.57% (3 mo. Term SOFR + 1.26%), 05/15/2047^(c)		3,044,000		2,681,836
Series X, 6.10%^(b)(e)		11,484,000		11,478,397
KeyCorp, Series D, 5.00%^(b)(e)		3,765,000		3,217,281
M&T Bank Corp.
3.50%^(b)(e)		3,550,000		2,671,364
Series E, 9.18% (3 mo. Term SOFR + 3.87%)^(b)(c)(d)		2,517,000		2,531,642
Series F, 5.13%^(b)(e)		3,616,000		3,173,040
Series G, 5.00%^(b)(d)(e)		2,875,000		2,740,594
PNC Financial Services Group, Inc. (The)
Series R, 8.64% (3 mo. Term SOFR + 3.30%)^(b)(c)		3,605,000		3,618,097
Series S, 5.00%^(b)(e⁾		3,835,000		3,656,107
Series T, 3.40%^(b)(e)		10,865,000		9,222,142
Series U, 6.00%^(b)(e⁾		7,251,000		7,024,095
Series V, 6.20%^(b)(e)		8,978,000		8,856,302
Series W, 6.25%^(b)(e)		10,917,000		10,330,984
Regions Financial Corp., Series D, 5.75%^(b)(d)(e)		2,581,000		2,515,996
Truist Financial Corp.
Series A, 6.24% (3 mo. Term SOFR + 0.93%), 05/15/2027^(c⁾		2,577,000		2,460,021
Series L, 8.75% (3 mo. Term SOFR + 3.36%)^(b)(c)		5,425,000		5,476,131
Series M, 5.13%^(b)(d)(e)		3,680,000		3,205,141
Series N, 4.80%^(b)(e)		12,250,000		11,619,358
Series P, 4.95%^(b)(e)		7,200,000		7,019,382
Series Q, 5.10%^(b)(e)		7,216,000		6,616,707
U.S. Bancorp 3.70%^(b)(e)		10,845,000		9,280,448
Series J, 5.30%^(b)(e)		7,230,000		6,666,873
USB Capital IX, 6.60% (3 mo. Term SOFR + 1.28%)^(b)(c)		4,880,000		3,929,441
Wells Fargo & Co. 7.63%^(b)(d)(e)		12,450,000		13,204,831
Series BB, 3.90%^(b)(e)		25,280,000		23,802,816

				516,448,736

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		106

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Capital Markets-8.22%
Bank of New York Mellon Corp. (The)
Series F, 4.63%^(b)(e)	$	7,186,000	$	6,822,936
Series H, 3.70%^(b)(e)		4,195,000		3,953,004
Series I, 3.75%^(b)(e)		9,445,000		8,479,988
Charles Schwab Corp. (The)
Series F, 5.00%^(b)(e)		3,540,000		3,090,099
Series G, 5.38%^(b)(d)(e)		17,670,000		17,469,730
Series I, 4.00%^(b)(d)(e)		14,913,000		13,754,446
Series K, 5.00%^(b)(e)		5,450,000		5,041,347
Goldman Sachs Capital II, 6.37% (3 mo. Term SOFR + 1.03%)^(b)(c)(d⁾		5,534,000		4,677,284
Goldman Sachs Group, Inc. (The)
Series O,5.30%^(b)(d)(e)		4,730,000		4,686,804
Series Q, 5.50%^(b)(d)(e⁾		3,684,000		3,653,631
Series R, 4.95%^(b)(d)(e)		4,300,000		4,218,323
Series S, 4.40%^(b)(e)		2,500,000		2,403,294
Series T, 3.80%^(b)(e)		4,852,000		4,469,645
Series U, 3.65%^(b)(d)(e⁾		5,465,000		4,959,618
Series V, 4.13%^(b)(e)		5,432,000		4,967,634
Series W, 7.50%^(b)(d)(e)		10,795,000		11,378,187
Mellon Capital IV, Series 1, 6.20% (3 mo. Term SOFR + 0.83%)^(b)(c)		3,686,000		3,136,715
Northern Trust Corp., Series D, 4.60%^(b)(d)(e⁾		3,645,000		3,525,978
State Street Corp. 6.65% (3 mo. Term SOFR + 1.26%), 06/15/2047^(c)		3,623,000		3,049,421
Series H, 8.19% (3 mo. Term SOFR + 2.80%)^(b)(c)		3,590,000		3,596,038
Series I, 6.70%^(b)(e)		10,900,000		10,897,748

				128,231,870

Consumer Finance-3.29%
Ally Financial, Inc.
Series B, 4.70%^(b)(e)		9,649,000		8,304,634
Series C, 4.70%^(b)(e⁾		7,091,000		5,584,162
American Express Co., 3.55%^(b)(e)		11,531,000		10,432,354
Capital One Financial Corp., Series M, 3.95%^(b)(d)(e)		7,249,000		6,396,445
Discover Financial Services
Series C, 5.50%^(b)(e)		4,180,000		3,530,344
Series D, 6.13%^(b)(d)(e)		3,645,000		3,675,141
General Motors Financial Co., Inc.
Series A, 5.75%^(b)(e)		7,106,000		6,622,803
Series B, 6.50%^(b)(d)(e)		3,562,000		3,363,112
Series C, 5.70%^(b)(d)(e)		3,610,000		3,394,223

				51,303,218

Electric Utilities-5.14%
American Electric Power Co., Inc., 3.88%, 02/15/2062^(e)		5,450,000		4,875,215
Duke Energy Corp. 3.25%, 01/15/2082^(e)		3,600,000		3,054,114
4.88%^(b)(e)		7,165,000		7,113,401
Edison International 8.13%, 06/15/2053^(e)		3,580,000		3,683,072
7.88%, 06/15/2054^(e)		3,255,000		3,326,425
Series A, 5.38%^(b)(e)		8,380,000		8,098,037
Series B, 5.00%^(b)(d)(e)		3,805,000		3,622,426


	Principal Amount		Value
Electric Utilities-(continued)
Emera, Inc. (Canada), Series 16-A, 6.75%, 06/15/2076^(e⁾	$	8,694,000	$	8,551,763
National Rural Utilities Cooperative Finance Corp.
5.25%, 04/20/2046^(e)		2,578,000		2,509,597
7.13%, 09/15/2053^(e)		2,900,000		3,005,508
NextEra Energy Capital Holdings, Inc. 4.80%, 12/01/2077^(d)(e)		3,945,000		3,595,007
5.65%, 05/01/2079^(e)		3,650,000		3,519,349
3.80%, 03/15/2082^(e)		4,305,000		3,836,226
PPL Capital Funding, Inc., Series A, 8.27% (3 mo. Term SOFR + 2.93%), 03/30/2067^(c)(d)		3,502,000		3,427,613
Southern California Edison Co., Series E, 9.77% (3 mo. Term SOFR + 4.46%)^(b)(c)		2,512,000		2,531,950
Southern Co. (The)
Series 21-A, 3.75%, 09/15/2051^(e)		7,250,000		6,813,313
Series B, 4.00%, 01/15/2051^(e)		8,994,000		8,648,595

				80,211,611

Financial Services-0.46%
Corebridge Financial, Inc., 6.88%, 12/15/2052^(e)		7,190,000		7,185,385
Independent Power and Renewable Electricity Producers-0.19%
Tennessee Valley Authority
Series A, 2.22% (30 yr. U.S. Treasury Yield Curve Rate + 0.84%), 05/01/2029^(c)(d)(f)		59,429		1,316,352
Series D, 2.13% (30 yr. U.S. Treasury Yield Curve Rate + 0.94%), 06/01/2028^(c)(d)(f)		72,450		1,612,737

				2,929,089

lnsurance-6.37%
Aegon N.V. (Netherlands), 5.50%, 04/11/2048^(e)		5,890,000		5,672,627
Allstate Corp. (The) 6.50%, 05/15/2057^(e)		3,600,000		3,633,790
Series B, 8.51% (3 mo. Term SOFR + 3.20%), 08/15/2053^(c)		5,819,000		5,836,637
American International Group, Inc., Series A-9, 5.75%, 04/01/2048^(e)		5,454,000		5,371,675
Assurant, Inc., 7.00%, 03/27/2048^(e)		2,905,000		2,945,058
Enstar Finance LLC
5.75%, 09/01/2040^(e)		2,304,000		2,214,544
5.50%, 01/15/2042^(e)		3,656,000		3,302,094
Lincoln National Corp.
7.94% (3 mo. Term SOFR + 2.62%), 05/17/2066^(c)		4,040,000		3,122,920
7.62% (3 mo. USD LIBOR + 2.04%), 04/20/2067^(c)		3,210,000		2,369,782
Series C, 9.25%^(b)(d)(e)		3,610,000		3,899,186
Markel Group, Inc., 6.00%^(b)(d)(e)		4,359,000		4,334,923
MetLife, Inc., Series D, 5.88%^(b)(d)(e)		3,590,000		3,570,786
Nationwide Financial Services, Inc., 6.75%, 05/15/2037		2,858,000		2,776,569
PartnerRe Finance B LLC, 4.50%, 10/01/2050^(e)		3,595,000		3,210,587

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		107

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 29, 2024

(Unaudited)


	Principal Amount		Value
Insurance-(continued)
Prudential Financial, Inc.
5.20%, 03/15/2044^(e⁾	$	3,610,000	$	3,616,606
5.38%, 05/15/2045^(e)		7,242,000		7,148,200
4.50%, 09/15/2047^(d)(e⁾		5,425,000		5,070,844
5.70%, 09/15/2048^(d)(e)		7,237,000		7,047,517
3.70%, 10/01/2050^(e)		5,725,000		5,007,902
5.13%, 03/01/2052^(e⁾		7,200,000		6,742,099
6.00%, 09/01/2052^(d)(e)		8,695,000		8,684,656
6.75%, 03/01/2053^(e)		3,600,000		3,748,378

				99,327,380

Machinery-0.31%
Stanley Black & Decker, Inc., 4.00%, 03/15/2060^(e)		5,440,000		4,858,887


Media-0.65%
Paramount Global
6.25%, 02/28/2057^(e)		4,726,000		3,898,288
6.38%, 03/30/2062^(e)		7,150,000		6,209,346

				10,107,634

Multi-Utilities-2.69%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082^(e⁾		5,318,000		4,607,313
CMS Energy Corp.
4.75%, 06/01/2050^(e)		3,625,000		3,326,772
3.75%, 12/01/2050^(e⁾		2,850,000		2,288,588
Dominion Energy, Inc.
Series A, 5.75%, 10/01/2054^(e)		4,901,000		4,908,247
Series B, 4.65%^(b)(d)(e)		5,765,000		5,640,990
Series C, 4.35%^(b)(d)(e)		5,402,000		5,066,365
Sempra
4.13%, 04/01/2052^(e)		7,200,000		6,641,784
4.88%^(b)(e)		6,500,000		6,379,457
WEC Energy Group, Inc., 7.68% (3 mo. Term SOFR + 2.37%), 05/15/2067^(c)		3,283,000		3,131,082

				41,990,598

Oil, Gas & Consumable Fuels-11.87%
BP Capital Markets PLC (United Kingdom)
4.38%^(b)(e)		18,094,000		17,874,476
4.88%^(b)(d)(e)		17,788,000		16,842,995
Enbridge, Inc. (Canada)
5.50%, 07/15/2077^(e)		7,240,000		6,744,193
6.25%, 03/01/2078^(e)		6,153,000		5,883,352
7.38%, 01/15/2083^(e)		3,615,000		3,631,629
7.63%, 01/15/2083^(e)		4,355,000		4,421,305
8.50%, 01/15/2084^(d)(e)		9,050,000		9,672,812
Series 16-A, 6.00%, 01/15/2077^(d)(e)		5,455,000		5,309,929
Series 20-A, Conv., 5.75%, 07/15/2080^(e)		7,230,000		6,751,320
Series NC5,8.25%, 01/15/2084^(e)		5,450,000		5,667,307


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Energy Transfer L.P.
8.00%, 05/15/2054^(d)(e⁾	$	5,800,000	$	6,031,159
8.59% (3 mo. Term SOFR + 3.28%), 11/01/2066^(c)		3,936,000		3,547,140
Series A, 9.60% (3 mo. Term SOFR + 4.29%)^(b)(c)		6,878,000		6,803,462
Series B, 6.63%^(b)(e)		4,000,000		3,720,664
Series F, 6.75%^(b)(e)		3,637,000		3,582,625
Series G, 7.13%^(b)(e)		7,975,000		7,706,804
Series H, 6.50%^(b)(e)		6,500,000		6,316,370
EnLink Midstream Partners L.P., Series C, 9.76% (3 mo. Term SOFR + 4.37%)^(b)(c)		2,650,000		2,583,405
Enterprise Products Operating LLC
5.38%, 02/15/2078^(e)		5,101,000		4,728,201
Series D, 8.57% (3 mo. Term SOFR + 3.25%), 08/16/2077^(c)		2,591,000		2,600,671
Series E, 5.25%, 08/16/2077^(e)		7,189,000		6,837,686
Plains All American Pipeline L.P., Series B, 9.68% (3 mo. Term SOFR + 4.37%)^(b)(c)		5,778,000		5,775,007
TransCanada PipeLines Ltd. (Canada), 7.78% (3 mo. USD LIBOR + 2.21%), 05/15/2067^(c)(d)		7,158,000		6,280,575
Transcanada Trust (Canada)
5.63%, 05/20/2075^(e⁾		5,421,000		5,259,953
5.30%, 03/15/2077^(e)		10,915,000		10,091,066
5.50%, 09/15/2079^(e⁾		7,825,000		7,026,294
5.60%, 03/07/2082^(e)		5,700,000		4,994,743
Series 16-A, 5.88%, 08/15/2076^(e)		8,701,000		8,366,539

				185,051,682

Trading Companies & Distributors-0.35%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079^(d)(e)		5,440,000		5,390,167

Wireless Telecommunication Servlces-1.89%
Vodafone Group PLC (United Kingdom)
7.00%, 04/04/2079^(e)		14,520,000		14,898,333
3.25%, 06/04/2081^(e)		3,600,000		3,346,957
4.13%, 06/04/2081^(e)		7,225,000		6,186,949
5.13%, 06/04/2081^(e)		6,800,000		5,051,575

				29,483,814

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,218,814,236)				1,162,520,071

	Shares
Preferred Stocks-23.93%
Banks-7.68%
Associated Banc-Corp, Pfd., 6.63%^(e)		84,746		1,883,904
Banc of California, Inc., Series F, Pfd., 7.75%^(e)		144,992		3,166,625

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		108

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Banks-(continued)
Bank of America Corp.
Series E, Pfd., 5.92% (3 mo. Term SOFR + 0.61%)^(c)(d⁾		88,028	$	2,066,017
Series 5, Pfd., 6.08% (3 mo. Term SOFR + 0.76%)^(c)(d)		120,106		2,650,739
Series 2, Pfd., 6.25% (3 mo. Term SOFR + 0.91%)^(c)(d)		86,579		1,825,951
Series 4, Pfd., 6.35% (3 mo. Term SOFR + 1.01%)^(c)(d)		60,075		1,352,288
Series K, Pfd., 6.45%^(d)		308,862		7,869,804
Series Z, Pfd., 6.50%^(d)(e)		10,087,000		10,098,913
Citigroup, Inc.
Series W, Pfd., 4.00%^(e)		10,840,000		10,286,621
Series U, Pfd., 5.00%^(e)		10,797,000		10,684,741
Series T, Pfd., 6.25%^(e⁾		10,859,000		10,838,778
Series J, Pfd., 9.65% (3 mo. Term SOFR + 4.30%)^(c)(d)		158,974		4,055,427
Citizens Financial Group, Inc., Series D, Pfd., 6.35%^(e)		88,321		2,225,689
ConnectOne Bancorp, Inc., Series A, Pfd., 5.25%^(d)(e)		32,480		620,368
Fifth Third Bancorp, Series I, Pfd., 9.30%^(d)(e)		131,380		3,383,035
First Horizon Corp., Series D, Pfd., 6.10%^(d)(e)		28,935		725,400
Heartland Financial USA, Inc., Series E, Pfd., 7.00%^(e)		32,528		831,416
Huntington Bancshares, Inc., Series J, Pfd., 6.88%^(d)(e⁾		93,403		2,291,176
KeyCorp
Series E, Pfd., 6.13%^(d)(e)		145,158		3,412,665
Pfd., 6.20%^(d)(e)		171,479		3,918,295
M&T Bank Corp., Series H, Pfd., 5.63%^(e)		72,657		1,755,393
Midland States Bancorp, Inc., Pfd., 7.75%^(d)(e)		31,949		799,044
New York Community Bancorp, Inc., Series A, Pfd., 6.38%^(d)(e)		175,820		3,349,371
Regions Financial Corp.
Series C, Pfd., 5.70%^(e)		144,277		3,348,669
Series B, Pfd., 6.38%^(e⁾		146,936		3,646,952
Synovus Financial Corp.
Series E, Pfd., 5.88%^(e)		101,734		2,553,523
Series D, Pfd., 8.94% (3 mo. Term SOFR + 3.61%)^(c)		56,499		1,440,725
Truist Financial Corp., Series I, Pfd., 6.12% (3 mo. Term SOFR + 0.79%)^(c)(d)		48,746		1,057,788
U.S. Bancorp
Series B, Pfd., 6.18% (3 mo. Term SOFR + 0.86%)^(c)(d)		290,220		6,210,708
Series A, Pfd., 6.61% (3 mo. Term SOFR + 1.28%)^(c)(d)		4,085		3,635,650
Valley National Bancorp
Series A, Pfd., 6.25%^(d)(e)		32,482		671,728
Series B, Pfd., 9.17% (3 mo. USD LIBOR + 3.58%)^(c)(d)		28,638		686,739
WesBanco, Inc., Series A, Pfd., 6.75%^(d)(e)		42,867		1,020,235
Western Alliance Bancorporation, Series A, Pfd., 4.25%^(e)		85,082		1,495,742


	Shares		Value
Banks-(continued)
Wintrust Financial Corp.
Series D, Pfd., 6.50%^(d)(e)		35,303	$	824,678
Series E, Pfd., 6.88%^(d)(e)		82,458		2,072,994
Zions Bancorporation N.A., Series G, Pfd., 9.89% (3 mo. USD LIBOR + 4.24%)^(c)		40,637		1,036,244

				119,794,035

Capital Markets-3.80%
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%^(e)		7,265,000		7,131,195
Charles Schwab Corp. (The), Series H, Pfd., 4.00%^(e)		16,153,000		13,323,458
Goldman Sachs Group, Inc. (The)
Series D, Pfd., 6.23% (3 mo. Term SOFR + 0.93%)^(c)(d)		392,566		9,040,795
Series A, Pfd., 6.31% (3 mo. Term SOFR + 1.01%)^(c)(d)		216,195		5,026,534
Series C, Pfd., 6.34% (3 mo. Term SOFR + 1.01%)^(c)(d)		57,968		1,339,061
Series K, Pfd., 6.38%^(d)(e)		203,811		5,184,952
Series P, Pfd., 8.44% (3 mo. Term SOFR + 3.14%)^(c)		10,885,000		10,886,133
Morgan Stanley, Series A, Pfd., 6.28% (3 mo. Term SOFR + 0.96%)^(c)		324,492		7,365,968

				59,298,096

Consumer Finance-0.24%
Synchrony Financial, Series B, Pfd., 8.25%^(e)		145,300		3,639,765


Electric Utilities-0.40%
SCE Trust III, Series H, Pfd., 5.75%^(e)		78,813		1,996,333
SCE Trust IV, Series J, Pfd., 5.38%^(e)		92,629		2,181,413
SCE Trust V, Series K, Pfd., 5.45%^(d)(e)		84,752		2,094,222

				6,271,968

Financial Services-2.32%
Apollo Global Management, Inc., Pfd., 7.63%^(e)		177,754		4,754,919
Citigroup Capital XIII, Pfd., 11.95% (3 mo. Term SOFR + 6.63%)^(c)		648,041		18,754,307
Compass Diversified Holdings, Series B, Pfd., 7.88%^(e)		28,257		727,618
Equitable Holdings, Inc., Series B, Pfd., 4.95%^(d)(e)		3,583,000		3,482,984
Jackson Financial, Inc., Pfd., 8.00%^(e)		161,923		4,347,633
Merchants Bancorp
Series B, Pfd., 6.00%^(d)(e)		36,661		921,291
Pfd., 8.25%^(e)		41,119		1,049,768
Voya Financial, Inc., Series B, Pfd., 5.35%^(d)(e)		87,009		2,167,394

				36,205,914

Food Products-0.44%
CHS, Inc.
Series 3, Pfd., 6.75%^(e)		142,417		3,652,996
Series 2, Pfd., 7.10%^(d)(e)		120,363		3,176,380

				6,829,376

lnsurance-3.30%
Allstate Corp. (The), Pfd., 8.74% (3 mo. Term SOFR + 3.43%)^(c)(d)		145,348		3,770,327

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		109

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Insurance-(continued)
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%^(e)		114,285	$	2,721,126
Series B, Pfd., 6.63%^(e)		85,949		2,172,791
Argo Group International Holdings, Inc., Pfd., 7.00%^(e)		42,376		1,004,311
Aspen Insurance Holdings Ltd., Pfd., 9.65% (Bermuda)^(d)(e)		79,400		2,056,460
Athene Holding Ltd.
Series A, Pfd., 6.35%^(e)		265,916		6,546,852
Series C, Pfd., 6.38%^(d)(e)		174,228		4,366,154
Series E, Pfd., 7.75%^(e)		145,560		3,871,896
Enstar Group Ltd., Series D, Pfd., 7.00%^(e)		115,862		2,940,578
Kemper Corp., Pfd., 5.88%^(d)(e)		43,372		951,148
MetLife, Inc.
Series G, Pfd., 3.85%^(d)(e)		7,220,000		6,917,862
Series A, Pfd., 6.65% (3 mo. Term SOFR + 1.26%)^(c)(d)		177,819		4,353,009
Reinsurance Group of America, Inc. Pfd., 5.75%^(d)(e)		119,923		3,008,868
Pfd., 7.13%^(e)		206,052		5,394,441
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)^(e)		56,497		1,417,510

				51,493,333

Mortgage REITs-3.36%
ACRES Commercial Realty Corp., Series C, Pfd., 8.63%^(d)(e)		34,497		828,618
AGNC Investment Corp.
Series F, Pfd., 6.13%^(e)		164,865		3,875,976
Series E, Pfd., 6.50%^(d)(e)		114,520		2,783,981
Series D, Pfd., 6.88%^(d)(e)		67,822		1,675,203
Series G, Pfd., 7.75%^(e)		43,137		995,171
Series C, Pfd., 10.69% (3 mo. Term SOFR + 5.37%)^(c)(d)		93,162		2,393,332
Annaly Capital Management, Inc.
Series I, Pfd., 6.75%^(e)		129,916		3,224,515
Series G, Pfd., 9.76% (3 mo. Term SOFR + 4.43%)^(c)(d)		123,641		3,100,916
Series F, Pfd., 10.58% (3 mo. Term SOFR + 5.25%)^(c)(d)		213,058		5,347,756
Arbor Realty Trust, Inc., Series F, Pfd., 6.25%^(d^)(e)		80,614		1,530,054
Chimera Investment Corp.
Series C, Pfd., 7.75%^(d^)(e)		73,459		1,526,478
Series B, Pfd., 8.00%^(e)		91,811		2,203,464
Series D, Pfd., 8.00%^(e)		56,494		1,344,557
Dynex Capital, Inc., Series C, Pfd., 6.90%^(e)		31,505		769,982
Ellington Financial, Inc.
Series B, Pfd., 6.25%^(d)(e)		34,959		723,302
Pfd., 6.75%^(d)(e)		32,783		799,577
Series C, Pfd., 8.63%^(d)(e)		29,333		704,285
Granite Point Mortgage Trust, Inc., Series A, Pfd., 7.00%^(d)(e)		59,278		983,422
MFA Financial, Inc., Series C, Pfd., 6.50%^(d)(e)		77,684		1,711,378


	Shares		Value
Mortgage REITs-(continued)
New York Mortgage Trust, Inc.
Series F, Pfd., 6.88%^(d)(e)		41,273	$	809,364
Series E, Pfd., 7.88%^(d)(e)		52,281		1,213,965
Series D, Pfd., 8.00%^(d)(e)		44,076		977,165
Rithm Capital Corp.
Series C, Pfd., 6.38%^(d)(e)		112,331		2,453,309
Series D, Pfd., 7.00%^(e)		131,812		2,981,587
Series B, Pfd., 7.13%^(e)		81,314		1,954,789
Series A, Pfd., 7.50%^(e)		44,164		1,066,561
Two Harbors Investment Corp.
Series C, Pfd., 7.25%^(d)(e)		78,183		1,829,482
Series B, Pfd., 7.63%^(d)^(e)		76,216		1,710,287
Series A, Pfd., 8.13%^(e)		37,842		875,664

				52,394,140

Multi-Utilities-0.39%
Algonquin Power & Utilities Corp., Series 19-A, Pfd., 6.20% (Canada)^(e)		100,630		2,540,907
NiSource, Inc., Series B, Pfd., 6.50%^(d)(e)		143,853		3,590,571

				6,131,478

Oil, Gas & Consumable Fuels-1.38%
Energy Transfer L.P., Series E, Pfd., 7.60%^(e)		230,255		5,802,426
GasLog Partners L.P., Series A, Pfd., 8.63% (Greece)^(e)		37,739		937,569
NGL Energy Partners L.P., Series B, Pfd., 12.80% (3 mo. USD LIBOR + 7.21%)^(c)		89,611		2,580,797
NuStar Energy L.P.
Series B, Pfd., 11.28% (3 mo. Term SOFR + 5.90%)^(c)		110,830		2,817,299
Series A, Pfd., 12.41% (3 mo. Term SOFR + 7.03%)^(c)		65,837		1,669,626
Series C, Pfd., 12.53% (3 mo. USD LIBOR + 6.88%)^(c)		50,691		1,294,141
NuStar Logistics L.P., Pfd., 12.31% (3 mo. Term SOFR + 7.00%)^(c)		114,580		2,982,517
Seapeak LLC, Series B, Pfd., 8.50% (Bermuda)^(e)		48,036		1,201,380
Tsakos Energy Navigation Ltd.
Series E, Pfd., 9.25% (Greece)^(e)		34,613		888,862
Series F, Pfd., 9.50% (Greece)^(e)		48,875		1,281,503

				21,456,120

Trading Companies & Distributors-0.62%
Air Lease Corp., Series A, Pfd., 6.15%^(d)(e)		74,009		1,868,727
FTAI Aviation Ltd.
Series B, Pfd., 8.00%^(e)		35,593		914,740
Series A, Pfd., 8.25%^(e)		30,548		778,974
Series C, Pfd., 8.25%^(e)		30,615		795,072
Textainer Group Holdings Ltd., Pfd., 7.00% (China)^(e)		43,180		1,073,455
WESCO International, Inc., Series A, Pfd., 10.63%^(e)		155,415		4,211,746

				9,642,714

Total Preferred Stocks
(Cost $391,869,811)				373,156,939

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		110

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value

Money Market Funds-0.59%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(g)(h)(i) (Cost $9,190,229)		9,190,229	$	9,190,229

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.07% (Cost $1,619,874,276)				1,544,867,239

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.67%
Invesco Private Government Fund, 5 29%^(9)(h)(i)		42,215,185		42,215,185


	Shares		Value

Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(g)(h)(i)		108,499,083	$	108,553,333

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $150,775,232)				150,768,518

TOTAL INVESTMENTS IN SECURITIES-108.74% (Cost $1,770,649,508)				1,695,635,757
OTHER ASSETS LESS LIABILITIES-(8.74)%				(136,255,994	)

NET ASSETS-100.00%			$	1,559,379,763

Investment Abbreviations:

Conv.

-Convertible

LIBOR

-London Interbank Offered Rate

Pfd.	-Preferred

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)	Perpetual bond with no specified maturity date.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2024.

^(d)	All or a portion of this security was out on loan at February 29, 2024.

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

^(f)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(g)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$125,434,543		$(116,244,314)		$ -		$ -		$ 9,190,229		$ 204,361

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		35,396,501		120,885,731		(114,067,047)						42,215,185		972,592*

Invesco Private Prime Fund		98,157,459		169,178,399		(158,823,347)		(6,968)		47,790		108,553,333		2,648,133*


Total		$133,553,960		$415,498,673		$(389,134,708)		$(6,968)		$47,790		$159,958,747		$3,825,086

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

^(h)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

⁽ⁱ⁾	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		111

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29,2024

Financials			72.16

Energy			13.25

Utilities			8.81

Sector Types Each Less Than 3%			4.26

Money Market Funds Plus Other Assets Less Liabilities			1.52

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		112

(This Page Intentionally Left Blank)


		113

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)			Invesco Equal Weight 0-30 Treasury ETF (GOVI)			Invesco Floating Rate Municipal Income ETF (PVI)				Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)
Assets:
Unaffiliated investments in securities, at value^(a)	$	803,049,841		$	735,874,662		$	741,927,595			$	36,410,000			$	670,909,692
Affiliated investments in securities, at value		-			21,956,487			68,094,787				-				217,827,744
Cash		7,633,750			-			1,281				1,915,537				245,625
Deposits with brokers:
Cash segregated as collateral		-			-			-				-				23,640
Receivable for:
Dividends and interest		8,824,264			1,048,374			1,259,397				117,675				9,015,447
Securities lending		-			127,845			9,236				-				72,321
Investments sold		-			6,384			39,294,793				-				7,140,776
Fund shares sold		1,245,531			-			-				-				22,514
Foreign tax reclaims		-			-			-				-				-
Other assets		-			-			-				85				-

Total assets		820,753,386			759,013,752			850,587,089				38,443,297				905,257,759


Liabilities:
Due to custodian		-			63,954			-				-				-
Due to securities lending agent		-			6,384			-				-				-
Payable for:
Investments purchased		1,725,557			-			79,561,587				-				7,661,244
Collateral upon return of securities loaned		-			13,868,898			28,031,748				-				217,535,628
Collateral upon receipt of securities in-kind		-			-			-				-				23,640
Fund shares repurchased		-			-			-				-				-
Accrued unitary management fees		178,919			292,830			86,972				7,448				267,151
Accrued expenses		-			-			-				-				643
Accrued tax expenses		-			-			-				-				1,437

Total liabilities		1,904,476			14,232,066			107,680,307				7,448				225,489,743

Net Assets	$	818,848,910		$	744,781,686		$	742,906,782			$	38,435,849			$	679,768,016

Net assets consist of:
Shares of beneficial interest	$	831,631,411		$	881,294,607		$	866,061,039			$	38,480,104			$	765,416,541
Distributable earnings (loss)		(12,782,501	)		(136,512,921	)		(123,154,257	)			(44,255	)			(85,648,525	)

Net Assets	$	818,848,910		$	744,781,686		$	742,906,782			$	38,435,849			$	679,768,016

Shares outstanding (unlimited amount authorized, $0.01 par value)		32,850,000			40,170,000			26,620,000				1,550,000				37,800,000
Net asset value	$	24.93		$	18.54		$	27.91			$	24.80			$	17.98

Market price	$	25.00		$	18.55		$	27.91			$	24.81			$	17.99

Unaffiliated investments in securities, at cost	$	804,476,637		$	753,511,370		$	842,328,593			$	36,410,000			$	688,688,041

Affiliated investments in securities, at cost	$	-		$	21,302,030		$	68,096,016			$	-			$	217,818,091

^(a)Includes securities on loan with an aggregate value of:	$	-		$	13,337,942		$	27,476,704			$	-			$	208,933,381

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		114


Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)				Invesco National AMT-Free Municipal Bond ETF (PZA)				Invesco New York AMT-Free Municipal Bond ETF (PZT)				Invesco Preferred ETF (PGX)				Invesco Short Term Treasury ETF (TBLL)				Invesco Taxable Municipal Bond ETF (BAB)				Invesco Variable Rate Preferred ETF (VRP)

	$	47,465,389			$	2,673,725,537			$	91,986,813			$	4,490,036,692			$	1,514,917,046			$	1,546,174,994			$	1,535,677,010
		3,601,634				-				-				118,660,161				524,051				5,286,136				159,958,747
		117				2,585,976				16,941				-				7,800				7,319				20,486
		-				2,106,385				-				6,639				-				-				3,845,941
		484,274				29,759,778				1,065,332				31,263,596				2,443,876				18,771,377				18,586,511
		403				-				-				505,845				-				-				171,990
		683,329				-				-				4,178,599				212,795,287				-				-
		-				7,980,628				-				-				10,543,936				-				193,151
		-				-				-				19,781				-				-				-
		-				-				-				375				-				-				-

		52,235,146				2,716,158,304				93,069,086				4,644,671,688				1,741,231,996				1,570,239,826				1,718,453,836

		-				-				-				16,026,513				-				-				-
		-				-				-				-				-				-				-
		953,994				7,834,417				-				-				213,328,880				1,088,267				3,842,215
		3,493,669				-				-				118,671,535				-				-				150,775,232
		-				2,106,384				-				6,639				-				-				3,845,941
		-				-				-				2,382,142				-				-				-
		8,090				602,027				20,556				1,774,672				95,497				347,220				607,647
		-				-				-				-				-				-				3,038
		-				-				-				-				-				-				-

		4,455,753				10,542,828				20,556				138,861,501				213,424,377				1,435,487				159,074,073

	$	47,779,393			$	2,705,615,476			$	93,048,530			$	4,505,810,187			$	1,527,807,619			$	1,568,804,339			$	1,559,379,763


	$	50,769,014			$	2,829,466,574			$	99,609,853			$	5,914,212,431			$	1,529,128,073			$	1,795,638,981			$	1,740,600,564
		(2,989,621	)			(123,851,098	)			(6,561,323	)			(1,408,402,244	)			(1,320,454	)			(226,834,642	)			(181,220,801	)

	$	47,779,393			$	2,705,615,476			$	93,048,530			$	4,505,810,187			$	1,527,807,619			$	1,568,804,339			$	1,559,379,763

		2,050,000				113,200,000				4,050,000				378,300,000				14,490,001				59,200,000				66,200,000
	$	23.31			$	23.90			$	22.97			$	11.91			$	105.44			$	26.50			$	23.56

	$	23.33			$	23.96			$	23.00			$	11.88			$	105.49			$	26.48			$	23.60

	$	49,440,353			$	2,773,357,158			$	98,000,444			$	5,261,647,281			$	1,515,001,207			$	1,758,973,266			$	1,610,684,047

	$	3,601,984			$	-			$	-			$	118,671,535			$	524,051			$	5,286,136			$	159,965,461

	$	3,387,474			$	-			$	-			$	117,092,372			$	-			$	-			$	146,291,471


		115

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)			Invesco Equal Weight 0-30 Treasury ETF (GOVI)			Invesco Floating Rate Municipal Income ETF (PVI)			Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)
Investment income:
Unaffiliated interest income	$	13,589,356		$	-			$12,456,154			$	618,880		$	15,258,260
Unaffiliated dividend income		-			31,262,357			-				-			-
Affiliated dividend income		-			455,232			95,244				-			55,968
Securities lending income, net		-			999,425			40,252				-			492,549
Foreign withholding tax		-			-			-				-			-

Total investment income		13,589,356			32,717,014			12,591,650				618,880			15,806,777


Expenses:
Unitary management fees		1,087,776			1,700,051			541,310				49,176			1,466,192
Tax expenses		-			-			-				-			650

Total expenses		1,087,776			1,700,051			541,310				49,176			1,466,842

Less: Waivers		-			(141	)		(1,893	)			-			(1,152	)

Net expenses		1,087,776			1,699,910			539,417				49,176			1,465,690

Net investment income		12,501,580			31,017,104			12,052,233				569,704			14,341,087


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,580,571	)		(23,135,976	)		(8,679,595	)			-			(4,607,771	)
Affiliated investment securities		-			(31,366	)		10,729				-			53,770
Unaffiliated in-kind redemptions		(9,267,700	)		1,150,041			1,604,377				-			309,076
Affiliated in-kind redemptions		-			14,448			-				-			-
Distributions of underlying fund shares		-			122,430			-				-			-

Net realized gain (loss)		(10,848,271	)		(21,880,423	)		(7,064,489	)			-			(4,244,925	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		39,780,583			49,070,558			2,578,155				-			22,903,195
Affiliated investment securities		-			530,017			(1,229	)			-			8,327

Change in net unrealized appreciation		39,780,583			49,600,575			2,576,926				-			22,911,522

Net realized and unrealized gain (loss)		28,932,312			27,720,152			(4,487,563	)			-			18,666,597

Net increase in net assets resulting from operations	$	41,433,892		$	58,737,256			$ 7,564,670			$	569,704		$	33,007,684

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		116


Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)				Invesco National AMT-Free Municipal Bond ETF (PZA)				Invesco New York AMT-Free Municipal Bond ETF (PZT)				Invesco Preferred ETF (PGX)				Invesco Short Term Treasury ETF (TBLL)				Invesco Taxable Municipal Bond ETF (BAB)				Invesco Variable Rate Preferred ETF (VRP)

	$	851,148			$	42,343,105			$	1,440,298			$	-			$	38,486,578			$	31,005,757			$	32,610,762
		-				-				-				143,144,608				-				-				11,563,173
		2,358				-				-				313,200				8,425				268,810				204,361
		2,886				-				-				3,252,495				-				-				1,235,980
		-				-				-				(192,315	)			-				-				-

		856,392				42,343,105				1,440,298				146,517,988				38,495,003				31,274,567				45,614,276



		46,369				3,423,384				124,090				11,025,592				593,699				2,119,026				3,646,041
		-				-				-				-				-				-				650

		46,369				3,423,384				124,090				11,025,592				593,699				2,119,026				3,646,691

		(46	)			-				-				(5,919	)			(138	)			(5,113	)			(3,877	)

		46,323				3,423,384				124,090				11,019,673				593,561				2,113,913				3,642,814

		810,069				38,919,721				1,316,208				135,498,315				37,901,442				29,160,654				41,971,462




		(178,981	)			(3,321,256	)			(52,847	)			(28,859,554	)			244,822				53,776				(3,369,584	)
		883				-				-				53,745				-				-				47,790
		(191,038	)			(9,941,995	)			-				(14,560,037	)			-				-				(2,120,510	)
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-

		(369,136	)			(13,263,251	)			(52,847	)			(43,365,846	)			244,822				53,776				(5,442,304	)


		771,234				107,589,172				3,167,812				320,484,909				899,576				22,469,067				76,065,273
		(296	)			-				-				(13,964	)			-				-				(6,968	)

		770,938				107,589,172				3,167,812				320,470,945				899,576				22,469,067				76,058,305

		401,802				94,325,921				3,114,965				277,105,099				1,144,398				22,522,843				70,616,001

	$	1,211,871			$	133,245,642			$	4,431,173			$	412,603,414			$	39,045,840			$	51,683,497			$	112,587,463


		117

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco California AMT-Free Municipal Bond ETF (PWZ)								Invesco CEF Income Composite ETF (PCEF)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	12,501,580			$	16,110,528			$	31,017,104			$	45,080,854
Net realized gain (loss)			(10,848,271	)			(4,252,621	)			(21,880,423	)			(43,322,100	)
Change in net unrealized appreciation (depreciation)			39,780,583				1,646,959				49,600,575				(982,509	)

Net increase (decrease) in net assets resulting from operations			41,433,892				13,504,866				58,737,256				776,245


Distributions to Shareholders from:
Distributable earnings			(12,231,273	)			(16,284,639	)			(31,746,717	)			(59,586,125	)
Return of capital			-				-				-				(6,893,411	)

Total distributions to shareholders			(12,231,273	)			(16,284,639	)			(31,746,717	)			(66,479,536	)


Shareholder Transactions:
Proceeds from shares sold			313,184,400				179,426,529				68,139,918				83,555,227
Value of shares repurchased			(183,686,227	)			(83,590,164	)			(11,546,956	)			(84,512,777	)
Transaction fees			9,049				425,964				-				-

Net increase (decrease) in net assets resulting from share transactions			129,507,222				96,262,329				56,592,962				(957,550	)

Net increase (decrease) in net assets			158,709,841				93,482,556				83,583,501				(66,660,841	)


Net assets:
Beginning of period			660,139,069				566,656,513				661,198,185				727,859,026

End of period		$	818,848,910			$	660,139,069			$	744,781,686			$	661,198,185


Changes in Shares Outstanding:
Shares sold			13,250,000				7,500,000				3,870,000				4,510,000
Shares repurchased			(7,700,000	)			(3,500,000	)			(660,000	)			(4,610,000	)
Shares outstanding, beginning of period			27,300,000				23,300,000				36,960,000				37,060,000

Shares outstanding, end of period			32,850,000				27,300,000				40,170,000				36,960,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		118


Invesco Equal Weight 0-30 Treasury ETF (GOVI)								Invesco Floating Rate Municipal Income ETF (PVI)								Invesco Fundamental High Yield^® Corporate Bond (PHB)								Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	12,052,233			$	14,730,166			$	569,704			$	1,530,443			$	14,341,087			$	28,594,928			$	810,069			$	1,270,104
		(7,064,489	)			(16,998,261	)			-				-				(4,244,925	)			(32,534,021	)			(369,136	)			(725,725	)
		2,576,926				(33,566,759	)			-				-				22,911,522				41,235,389				770,938				(63,447	)

		7,564,670				(35,834,854	)			569,704				1,530,443				33,007,684				37,296,296				1,211,871				480,932



		(12,872,223	)			(14,136,883	)			(628,213	)			(1,548,995	)			(16,273,206	)			(26,774,161	)			(827,412	)			(1,254,740	)
		-				-				-				-				-				-				-				-

		(12,872,223	)			(14,136,883	)			(628,213	)			(1,548,995	)			(16,273,206	)			(26,774,161	)			(827,412	)			(1,254,740	)



		212,932,144				298,877,088				8,693,091				19,925,844				156,889,975				80,931,815				8,165,932				37,168,025
		(125,041,969	)			(113,567,760	)			(9,931,634	)			(43,643,574	)			(38,274,443	)			(289,516,428	)			(5,662,177	)			(20,872,110	)
		-				-				-				-				-				-				-				-

		87,890,175				185,309,328				(1,238,543	)			(23,717,730	)			118,615,532				(208,584,613	)			2,503,755				16,295,915

		82,582,622				135,337,591				(1,297,052	)			(23,736,282	)			135,350,010				(198,062,478	)			2,888,214				15,522,107



		660,324,160				524,986,569				39,732,901				63,469,183				544,418,006				742,480,484				44,891,179				29,369,072

	$	742,906,782			$	660,324,160			$	38,435,849			$	39,732,901			$	679,768,016			$	544,418,006			$	47,779,393			$	44,891,179



		7,810,000				10,230,000				350,000				800,000				8,800,000				4,700,000				350,000				1,600,000
		(4,610,000	)			(3,880,000	)			(400,000	)			(1,750,000	)			(2,200,000	)			(16,800,000	)			(250,000	)			(900,000	)
		23,420,000				17,070,000				1,600,000				2,550,000				31,200,000				43,300,000				1,950,000				1,250,000

		26,620,000				23,420,000				1,550,000				1,600,000				37,800,000				31,200,000				2,050,000				1,950,000


		119

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco National AMT-Free Municipal Bond ETF (PZA)								Invesco New York AMT-Free Municipal Bond ETF (PZT)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	38,919,721			$	61,227,240			$	1,316,208			$	2,589,734
Net realized gain (loss)			(13,263,251	)			(19,317,339	)			(52,847	)			(2,290,832	)
Change in net unrealized appreciation (depreciation)			107,589,172				(4,698,574	)			3,167,812				1,426,211

Net increase (decrease) in net assets resulting from operations			133,245,642				37,211,327				4,431,173				1,725,113


Distributions to Shareholders from:
Distributable earnings			(38,292,149	)			(62,219,731	)			(1,318,445	)			(2,613,885	)


Shareholder Transactions:
Proceeds from shares sold			425,026,308				560,353,606				1,150,315				-
Value of shares repurchased			(124,468,980	)			(210,179,980	)			-				(25,464,373	)
Transaction fees			37,792				975,482				-				-

Net increase (decrease) in net assets resulting from share transactions			300,595,120				351,149,108				1,150,315				(25,464,373	)

Net increase (decrease) in net assets			395,548,613				326,140,704				4,263,043				(26,353,145	)


Net assets:
Beginning of period			2,310,066,863				1,983,926,159				88,785,487				115,138,632

End of period		$	2,705,615,476			$	2,310,066,863			$	93,048,530			$	88,785,487


Changes in Shares Outstanding:
Shares sold			18,500,000				24,100,000				50,000				-
Shares repurchased			(5,400,000	)			(9,150,000	)			-				(1,150,000	)
Shares outstanding, beginning of period			100,100,000				85,150,000				4,000,000				5,150,000

Shares outstanding, end of period			113,200,000				100,100,000				4,050,000				4,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		120


Invesco Preferred ETF (PGX)								Invesco Short Term Treasury ETF (TBLL)								Invesco Taxable Municipal Bond ETF (BAB)								Invesco Variable Rate Preferred ETF (VRP)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	135,498,315			$	287,608,631			$	37,901,442			$	46,251,465			$	29,160,654			$	55,628,135			$	41,971,462			$	89,032,652
		(43,365,846	)			(411,193,374	)			244,822				(595,206	)			53,776				(58,270,516	)			(5,442,304	)			(65,379,463	)
		320,470,945				(70,068,988	)			899,576				226,424				22,469,067				(21,088,846	)			76,058,305				44,975,586

		412,603,414				(193,653,731	)			39,045,840				45,882,683				51,683,497				(23,731,227	)			112,587,463				68,628,775



		(144,415,609	)			(300,697,738	)			(39,182,134	)			(46,034,156	)			(29,588,795	)			(55,177,900	)			(51,883,230	)			(97,311,997	)



		171,356,503				694,326,613				385,415,095				885,649,046				30,148,617				69,175,867				85,494,628				60,346,521
		(518,411,153	)			(1,042,915,111	)			(268,288,463	)			(299,542,591	)			-				(310,464,455	)			(78,101,690	)			(431,589,853	)
		-				-				-				-				9,666				83,015				-				-


		(347,054,650	)			(348,588,498	)			117,126,632				586,106,455				30,158,283				(241,205,573	)			7,392,938				(371,243,332	)

		(78,866,845	)			(842,939,967	)			116,990,338				585,954,982				52,252,985				(320,114,700	)			68,097,171				(399,926,554	)



		4,584,677,032				5,427,616,999				1,410,817,281				824,862,299				1,516,551,354				1,836,666,054				1,491,282,592				1,891,209,146

	$	4,505,810,187			$	4,584,677,032			$	1,527,807,619			$	1,410,817,281			$	1,568,804,339			$	1,516,551,354			$	1,559,379,763			$	1,491,282,592



		15,550,000				59,800,000				3,650,000				8,400,000				1,150,000				2,600,000				3,700,000				2,700,000
		(46,100,000	)			(89,750,000	)			(2,540,000	)			(2,840,000	)			-				(11,900,000	)			(3,500,000	)			(19,300,000	)
		408,850,000				438,800,000				13,380,001				7,820,001				58,050,000				67,350,000				66,000,000				82,600,000

		378,300,000				408,850,000				14,490,001				13,380,001				59,200,000				58,050,000				66,200,000				66,000,000


		121

Financial Highlights

Invesco California AMT-Free Municipal Bond ETF (PWZ)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	24.18			$	24.32			$	28.03			$	27.64			$	27.62			$	25.86

Net investment income^(a)			0.39				0.67				0.59				0.64				0.67				0.67
Net realized and unrealized gain (loss) on investments			0.74				(0.14	)			(3.72	)			0.40				0.02				1.76

Total from investment operations			1.13				0.53				(3.13	)			1.04				0.69				2.43

Distributions to shareholders from:
Net investment income			(0.38	)			(0.69	)			(0.59	)			(0.65	)			(0.67	)			(0.67	)

Transaction fees^(a)			0.00	^b)			0.02				0.01				-				0.00	^(b)			0.00	^(b)

Net asset value at end of period		$	24.93			$	24.18			$	24.32			$	28.03			$	27.64			$	27.62

Market price at end of period^(c)		$	25.00			$	24.24			$	24.23			$	28.05			$	27.58			$	27.62

Net Asset Value Total Return^(d)			4.72	%			2.27	%			(11.28	)%			3.80	%			2.56	%			9.58	%
Market Price Total Return^(d)			4.76	%			2.91	%			(11.66	)%			4.10	%			2.34	%			9.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	818,849			$	660,139			$	566,657			$	520,028			$	451,918			$	346,602
Ratio to average net assets of:
Expenses			0.28	%^(e)			0.28	%			0.28	%			0.28	%			0.28	%			0.28	%
Net investment income			3.22	%^(e)			2.78	%			2.25	%			2.31	%			2.46	%			2.55	%
Portfolio turnover rate^(f)			2	%			5	%			3	%			7	%			12	%			13	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		122

Financial Highlights–(continued)

Invesco CEF Income Composite ETF (PCEF)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	17.89			$	19.64			$	24.61			$	20.92			$	22.35			$	22.99

Net investment income^(a)(b)			0.80				1.21				1.11				0.98				1.35				1.18
Net realized and unrealized gain (loss) on investments			0.66				(1.17	)			(4.48	)			4.33				(1.05	)			(0.19	)

Total from investment operations			1.46				0.04				(3.37	)			5.31				0.30				0.99

Distributions to shareholders from:
Net investment income			(0.81	)			(1.60	)			(1.60	)			(1.62	)			(1.73	)			(1.63	)
Return of capital			-				(0.19	)			-				-				-				-

Total distributions			(0.81	)			(1.79	)			(1.60	)			(1.62	)			(1.73	)			(1.63	)

Net asset value at end of period		$	18.54			$	17.89			$	19.64			$	24.61			$	20.92			$	22.35

Market price at end of period^(c)		$	18.55			$	17.91			$	19.63			$	24.64			$	20.91			$	22.35

Net Asset Value Total Return^(d)			8.54	%			0.49	%			(14.04	)%			26.36	%			1.84	%			4.72	%
Market Price Total Return^(d)			8.47	%			0.65	%			(14.18	)%			26.58	%			1.80	%			4.62	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	744,782			$	661,198			$	727,859			$	955,554			$	756,106			$	760,959
Ratio to average net assets of:
Expenses^(e)			0.50	%^(f)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income^(b)			9.12	%^(f)			6.62	%			5.03	%			4.30	%			6.36	%			5.35	%
Portfolio turnover rate^(g)			12	%			30	%			21	%			25	%			21	%			20	%

^(a)	Based on average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		123

Financial Highlights–(continued)

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	28.19			$	30.75			$	37.04			$	39.21			$	36.19			$	31.68

Net investment income^(a)			0.46				0.75				0.53				0.41				0.47				0.69
Net realized and unrealized gain (loss) on investments			(0.25	)			(2.60	)			(6.31	)			(2.21	)			3.04				4.51

Total from investment operations			0.21				(1.85	)			(5.78	)			(1.80	)			3.51				5.20

Distributions to shareholders from:
Net investment income			(0.49	)			(0.71	)			(0.51	)			(0.37	)			(0.49	)			(0.69	)

Net asset value at end of period		$	27.91			$	28.19			$	30.75			$	37.04			$	39.21			$	36.19

Market price at end of period^(b)		$	27.91			$	28.22			$	30.65			$	37.04			$	39.14			$	36.23

Net Asset Value Total Return^(c)			0.79	%			(6.07	)%			(15.71	)%			(4.60	)%			9.82	%			16.71	%
Market Price Total Return^(c)			0.68	%			(5.66	)%			(15.99	)%			(4.43	)%			9.50	%			16.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	742,907			$	660,324			$	524,987			$	414,835			$	203,903			$	179,124
Ratio to average net assets of:
Expenses			0.15	%^(d)			0.23	%			0.25	%			0.25	%			0.25	%			0.26	%^(e)
Net investment income			3.34	%^(d)			2.56	%			1.57	%			1.12	%			1.25	%			2.13	%^(e)
Portfolio turnover rate^(f)			13	%			19	%			5	%			3	%			9	%			5	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		124

Financial Highlights–(continued)

Invesco Floating Rate Municipal Income ETF (PVI)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	24.83			$	24.89			$	24.88			$	24.93			$	24.93			$	24.93

Net investment income (loss)^(a)			0.36				0.59				0.05				(0.05	)			0.17				0.31
Net realized and unrealized gain (loss) on investments			-				0.01				(0.01	)^(b)			0.00	^(c)			(0.00	)^(c)			-

Total from investment operations			0.36				0.60				0.04				(0.05	)			0.17				0.31
Distributions to shareholders from:
Net investment income			(0.39	)			(0.66	)			(0.03	)			(0.00	)^(c)			(0.17	)			(0.31	)

Net asset value at end of period		$	24.80			$	24.83			$	24.89			$	24.88			$	24.93			$	24.93

Market price at end of period^(d)		$	24.81			$	24.86			$	24.89			$	24.88			$	24.93			$	24.96

Net Asset Value Total Return^(e)			1.47	%			2.45	%			0.17	%			(0.20	)%			0.69	%			1.26	%
Market Price Total Return^(e)			1.39	%			2.57	%			0.17	%			(0.20	)%			0.58	%			1.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	38,436			$	39,733			$	63,469			$	48,518			$	49,855			$	57,338
Ratio to average net assets of:
Expenses			0.25	%^(f)			0.25	%			0.25	%			0.25	%			0.25	%			0.26	%^(g)
Net investment income (loss)			2.90	%^(f)			2.38	%			0.22	%			(0.19	)%			0.70	%			1.25	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		125

Financial Highlights–(continued)

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	17.45			$	17.15			$	19.59			$	18.90			$	19.06			$	18.56

Net investment income^(a)			0.43				0.76				0.61				0.68				0.76				0.77
Net realized and unrealized gain (loss) on investments			0.58				0.26				(2.45	)			0.71				(0.15	)			0.51

Total from investment operations			1.01				1.02				(1.84	)			1.39				0.61				1.28

Distributions to shareholders from:
Net investment income			(0.48	)			(0.72	)			(0.60	)			(0.70	)			(0.77	)			(0.78	)

Net asset value at end of period		$	17.98			$	17.45			$	17.15			$	19.59			$	18.90			$	19.06

Market price at end of period^(b)		$	17.99			$	17.46			$	17.07			$	19.61			$	18.89			$	19.07

Net Asset Value Total Return^(c)			5.91	%			6.09	%			(9.55	)%			7.49	%			3.38	%			7.12	%
Market Price Total Return^(c)			5.91	%			6.64	%			(10.06	)%			7.66	%			3.28	%			7.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	679,768			$	544,418			$	742,480			$	834,635			$	757,811			$	760,546
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			4.89	%^(d)			4.40	%			3.29	%			3.55	%			4.09	%			4.18	%
Portfolio turnover rate^(e)			15	%			31	%			44	%			32	%			35	%			17	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		126

Financial Highlights–(continued)

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.02			$	23.50			$	27.03			$	27.40			$	26.33			$	24.80

Net investment income^(a)			0.44				0.78				0.57				0.60				0.71				0.76
Net realized and unrealized gain (loss) on investments			0.30				(0.51	)			(3.25	)			(0.26	)			1.07				1.53

Total from investment operations			0.74				0.27				(2.68	)			0.34				1.78				2.29

Distributions to shareholders from:
Net investment income			(0.45	)			(0.75	)			(0.56	)			(0.61	)			(0.71	)			(0.76	)
Net realized gains			-				-				(0.29	)			(0.10	)			-				-

Total distributions			(0.45	)			(0.75	)			(0.85	)			(0.71	)			(0.71	)			(0.76	)

Net assetvalue atend of period		$	23.31			$	23.02			$	23.50			$	27.03			$	27.40			$	26.33

Market price at end of period^(b)		$	23.33			$	23.01			$	23.43			$	27.04			$	27.39			$	26.31

Net Asset Value Total Return^(c)			3.24	%			1.20	%			(10.10	)%			1.25	%			6.91	%			9.45	%
Market Price Total Return^(c)			3.38	%			1.46	%			(10.39	)%			1.34	%			6.95	%			9.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	47,779			$	44,891			$	29,369			$	52,706			$	63,030			$	92,171
Ratio to average net assets of:
Expenses			0.22	%^(d)			0.22	%			0.22	%			0.22	%			0.22	%			0.23	%^(e)
Net investment income			3.84	%^(d)			3.38	%			2.23	%			2.21	%			2.68	%			3.03	%^(e)
Portfolio turnover rate^(f)			8	%			20	%			30	%			34	%			36	%			28	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		127

Financial Highlights–(continued)

Invesco National AMT-Free Municipal Bond ETF (PZA)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.08			$	23.30			$	27.19			$	26.74			$	26.76			$	25.11

Net investment income^(a)			0.37				0.67				0.62				0.63				0.68				0.76
Net realized and unrealized gain (loss) on investments			0.81				(0.22	)			(3.90	)			0.46				(0.02	)			1.65

Total from investment operations			1.18				0.45				(3.28	)			1.09				0.66				2.41

Distributions to shareholders from:
Net investment income			(0.36	)			(0.68	)			(0.61	)			(0.64	)			(0.69	)			(0.76	)

Transaction fees^(a)			0.00	^(b)			0.01				0.00	^(b)			0.00	^(b)			0.01				0.00	^(b

Net asset value at end of period		$	23.90			$	23.08			$	23.30			$	27.19			$	26.74			$	26.76

Market price at end of period^(c)		$	23.96			$	23.06			$	23.26			$	27.21			$	26.73			$	26.80

Net Asset Value Total Return^(d)			5.17	%			2.00	%			(12.21	)%			4.11	%			2.60	%			9.83	%
Market Price Total Return^(d)			5.52	%			2.08	%			(12.42	)%			4.23	%			2.42	%			9.96	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,705,615			$	2,310,067			$	1,983,926			$	2,470,368			$	2,677,153			$	2,005,998
Ratio to average net assets of:
Expenses			0.28	%^(e)			0.28	%			0.28	%			0.28	%			0.28	%			0.28	%
Net investment income			3.18	%^(e)			2.89	%			2.42	%			2.32	%			2.59	%			2.99	%
Portfolio turnover rate^(f)			3	%			3	%			4	%			10	%			15	%			11	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		128

Financial Highlights–(continued)

Invesco New York AMT-Free Municipal Bond ETF (PZT)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	22.20			$	22.36			$	26.31			$	25.67			$	25.68			$	23.99

Net investment income^(a)			0.33				0.62				0.58				0.61				0.67				0.69
Net realized and unrealized gain (loss) on investments			0.77				(0.14	)			(3.83	)			0.66				(0.01	)			1.70

Total from investment operations			1.10				0.48				(3.25	)			1.27				0.66				2.39

Distributions to shareholders from:
Net investment income			(0.33	)			(0.64	)			(0.58	)			(0.63	)			(0.67	)			(0.70	)
Net realized gains			-				-				(0.12	)			-				-				-

Total distributions			(0.33	)			(0.64	)			(0.70	)			(0.63	)			(0.67	)			(0.70	)

Net asset value at end of period		$	22.97			$	22.20			$	22.36			$	26.31			$	25.67			$	25.68

Market price at end of period^(b)		$	23.00			$	22.14			$	22.36			$	26.29			$	25.73			$	25.70

Net Asset Value Total Return^(c)			5.01	%			2.15	%			(12.55	)%			5.00	%			2.66	%			10.17	%
Market Price Total Return^(c)			5.43	%			1.88	%			(12.49	)%			4.66	%			2.83	%			10.58	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	93,049			$	88,785			$	115,139			$	121,015			$	98,829			$	79,601
Ratio to average net assets of:
Expenses			0.28	%^(d)			0.28	%			0.28	%			0.28	%			0.28	%			0.29	%^(e⁾
Net investment income			2.97	%^(d)			2.78	%			2.37	%			2.35	%			2.64	%			2.84	%^(e⁾
Portfolio turnover rate^(f)			4	%			10	%			6	%			15	%			12	%			11	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		129

Financial Highlights–(continued)

Invesco Preferred ETF (PGX)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	11.21			$	12.37			$	15.11			$	14.86			$	14.93			$	14.60

Net investment income^(a)			0.34				0.70				0.69				0.73				0.75				0.78
Net realized and unrealized gain (loss) on investments			0.73				(1.13	)			(2.74	)			0.26				(0.06	)			0.36

Total from investment operations			1.07				(0.43	)			(2.05	)			0.99				0.69				1.14

Distributions to shareholders from:
Net investment income			(0.37	)			(0.73	)			(0.69	)			(0.74	)			(0.76	)			(0.81	)

Net asset value at end of period		$	11.91			$	11.21			$	12.37			$	15.11			$	14.86			$	14.93

Market price at end of period^(b)		$	11.88			$	11.20			$	12.37			$	15.12			$	14.91			$	14.97

Net Asset Value Total Return^(c)			9.77	%			(3.48	)%			(13.85	)%			6.81	%			4.98	%			8.23	%
Market Price Total Return^(c)			9.59	%			(3.56	)%			(13.91	)%			6.52	%			5.04	%			8.37	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,505,810			$	4,584,677			$	5,427,617			$	7,459,245			$	6,260,956			$	5,352,615
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%^(e)			0.50	%^(e)			0.50	%^(e)			0.50	%^(e)
Net investment income			6.14	%^(d)			5.98	%			5.01	%^(e)			4.89	%^(e)			5.20	%^(e)			5.45	%^(e)
Portfolio turnover rate^(f)			3	%			15	%			11	%			25	%			18	%			15	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		130

Financial Highlights–(continued)

Invesco Short Term Treasury ETF (TBLL)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	105.44			$	105.48			$	105.67			$	105.77			$	105.60			$	105.48

Net investment income^(a)			2.68				4.29				0.50				0.09				1.27				2.39
Net realized and unrealized gain (loss) on investments			0.08				(0.18	)			(0.33	)			(0.06	)			0.37				0.16

Total from investment operations			2.76				4.11				0.17				0.03				1.64				2.55

Distributions to shareholders from:
Net investment income			(2.76	)			(4.15	)			(0.34	)			(0.09	)			(1.45	)			(2.43	)
Net realized gains			-				-				(0.02	)			(0.04	)			(0.02	)			-

Total distributions			(2.76	)			(4.15	)			(0.36	)			(0.13	)			(1.47	)			(2.43	)

Net asset value at end of period		$	105.44			$	105.44			$	105.48			$	105.67			$	105.77			$	105.60

Market price at end of period^(b)		$	105.49			$	105.51			$	105.51			$	105.68			$	105.78			$	105.62

Net Asset Value Total Return^(c)			2.67	%			3.98	%			0.15	%			0.03	%			1.56	%			2.44	%
Market Price Total Return^(c)			2.65	%			4.03	%			0.18	%			0.04	%			1.55	%			2.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,527,808			$	1,410,817			$	824,862			$	667,805			$	938,170			$	547,018
Ratio to average net assets of:
Expenses			0.08	%^(d)			0.08	%			0.08	%			0.08	%			0.08	%			0.08	%
Net investment income			5.11	%^(d)			4.08	%			0.48	%			0.09	%			1.20	%			2.27	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		131

Financial Highlights–(continued)

Invesco Taxable Municipal Bond ETF (BAB)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.12			$	27.27			$	33.55			$	33.40			$	32.83			$	29.66

Net investment income^(a)			0.50				0.95				0.85				0.85				1.07				1.23
Net realized and unrealized gain (loss) on investments			0.38				(1.15	)			(6.28	)			0.16				0.58				3.14

Total from investment operations			0.88				(0.20	)			(5.43	)			1.01				1.65				4.37

Distributions to shareholders from:
Net investment income			(0.50	)			(0.95	)			(0.86	)			(0.86	)			(1.10	)			(1.23	)

Transaction fees^(a)			0.00				0.00	^(b)			0.01				-				0.02				0.03

Net asset value at end of period		$	26.50			$	26.12			$	27.27			$	33.55			$	33.40			$	32.83

Market price at end of period^(c)		$	26.48			$	26.12			$	27.24			$	33.46			$	33.41			$	32.97

Net Asset Value Total Return^(d)			3.45	%			(0.70	)%			(16.38	)%			3.08	%			5.28	%			15.31	%
Market Price Total Return^(d)			3.37	%			(0.59	)%			(16.23	)%			2.78	%			4.88	%			16.39	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,568,804			$	1,516,551			$	1,836,666			$	2,365,476			$	2,005,861			$	1,308,223
Ratio to average net assets of:
Expenses, after Waivers			0.28	%^(e)			0.28	%			0.28	%			0.28	%^(f)			0.27	%			0.28	%
Expenses, prior to Waivers			0.28	%^(e)			0.28	%			0.28	%			0.28	%^(f)			0.28	%			0.28	%
Net investment income			3.85	%^(e)			3.61	%			2.78	%			2.58	%^(f)			3.32	%			4.06	%
Portfolio turnover rate^(g)			1	%			4	%			3	%			5	%			18	%			7	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		132

Financial Highlights–(continued)

Invesco Variable Rate Preferred ETF (VRP)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	22.60			$	22.90			$	26.30			$	24.96			$	25.28			$	25.14

Net investment income^(a)			0.65				1.20				1.03				1.07				1.13				1.14
Net realized and unrealized gain (loss) on investments			1.12				(0.18	)			(3.26	)			1.38				(0.31	)			0.33

Total from investment operations			1.77				1.02				(2.23	)			2.45				0.82				1.47

Distributions to shareholders from:
Net investment income			(0.81	)			(1.32	)			(1.17	)			(1.11	)			(1.14	)			(1.33	)

Net asset value at end of period		$	23.56			$	22.60			$	22.90			$	26.30			$	24.96			$	25.28

Market price at end of period^(b)		$	23.60			$	22.59			$	22.86			$	26.38			$	25.01			$	25.33

Net Asset Value Total Return^(c)			8.03	%			4.68	%			(8.63	)%			10.00	%			3.48	%			6.17	%
Market Price Total Return^(c)			8.25	%			4.83	%			(9.06	)%			10.11	%			3.51	%			6.52	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,559,380			$	1,491,283			$	1,891,209			$	1,930,424			$	1,472,807			$	1,529,601
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			5.76	%^(d)			5.32	%			4.21	%			4.14	%			4.61	%			4.63	%
Portfolio turnover rate^(e)			5	%			14	%			9	%			15	%			22	%			13	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		133

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco California AMT-Free Municipal Bond ETF (PWZ)		“California AMT-Free Municipal Bond ETF”

Invesco CEF Income Composite ETF (PCEF)		“CEF Income Composite ETF”

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)		“Equal Weight 0-30 Year Treasury ETF”

Invesco Floating Rate Municipal Income ETF (PVI)		“Floating Rate Municipal Income ETF”

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)		“Fundamental High Yield^® Corporate Bond ETF”

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)		“Fundamental Investment Grade Corporate Bond ETF”

Invesco National AMT-Free Municipal Bond ETF (PZA)		“National AMT-Free Municipal Bond ETF”

Invesco New York AMT-Free Municipal Bond ETF (PZT)		“New York AMT-Free Municipal Bond ETF”

Invesco Preferred ETF (PGX)		“Preferred ETF”

Invesco Short Term Treasury ETF (TBLL)		“Short Term Treasury ETF”

Invesco Taxable Municipal Bond ETF (BAB)		“Taxable Municipal Bond ETF”

Invesco Variable Rate Preferred ETF (VRP)		“Variable Rate Preferred ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of Equal Weight 0-30 Year Treasury ETF, which are listed and traded on The Nasdaq Stock Market LLC.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of CEF Income Composite ETF, Equal Weight 0-30 Year Treasury ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Short Term Treasury ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Taxable Municipal Bond ETF are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

To provide enhanced daily liquidity, Short Term Treasury ETF determines its NAV twice each day, at 12:00 p.m. ET and at the regularly scheduled close of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. ET). The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.

CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.


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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

California AMT-Free Municipal Bond ETF		ICE BofA California Long-Term Core Plus Municipal Securities Index

CEF Income Composite ETF		S-Network Composite Closed-End Fund Index^SM

Equal Weight 0-30 Year Treasury ETF		ICE 1-30 Year Laddered Matuirty US Treasury Index

Floating Rate Municipal Income ETF		ICE US Municipal AMT-Free VRDO Constrained Index

Fundamental High Yield^® Corporate Bond ETF		RAFI^® Bonds U.S. High Yield 1-10 Index

Fundamental Investment Grade Corporate Bond ETF		RAFI^® Bonds U.S. Investment Grade 1-10 Index

National AMT-Free Municipal Bond ETF		ICE BofA National Long-Term Core Plus Municipal Securities Index

New York AMT-Free Municipal Bond ETF		ICE BofA New York Long-Term Core Plus Municipal Securities Index

Preferred ETF		ICE BofA Core Plus Fixed Rate Preferred Securities Index

Short Term Treasury ETF		ICE U.S. Treasury Short Bond Index

Taxable Municipal Bond ETF		ICE BofA US Taxable Municipal Securities Plus Index

Variable Rate Preferred ETF		ICE Variable Rate Preferred & Hybrid Securities Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


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the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income


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reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Short Term Treasury ETF and, for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


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that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by those Funds as listed below:


	Amount

CEF Income Composite ETF		$97,597

Preferred ETF		291,889

Variable Rate Preferred ETF		55,281

J. Other Risks

ADR Risk. Certain Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.


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Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Fund of Funds Risk. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds. An investment in the Fund is subject to the risks associated with the Underlying Funds. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the expenses of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it already will pay to the Adviser.


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groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

LIBOR Transition Risk. Certain Funds may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. The FCA will permit the use of synthetic USD LIBOR rates for non-U.S. contracts for a limited period of time after June 30, 2023, but any such rates would be considered non-representative of the underlying market.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Funds and the instruments in which the Funds invest. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Funds invest that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Funds could result in losses to the Funds.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

Municipal Insurance Risk. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.

Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.


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Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Not a Money Market Fund. Short Term Treasury ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Tax Risk. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, policy changes by the U.S. Government or its regulatory agencies and other governmental actions and political events within the United States,


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changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence; increase volatility in the financial markets, perhaps suddenly and to a significant degree; reduce prices of U.S. Treasury securities and/or increase the costs of various kinds of debt; result in higher interest rates; and even raise concerns about the U.S. Government’s credit rating and ability to service its debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

NOTE 3–Investment Advisory Agreement and Other Agreements

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

California AMT-Free Municipal Bond ETF		0.28%

CEF Income Composite ETF		0.50%

Equal Weight 0-30 Year Treasury ETF		0.15%

Floating Rate Municipal Income ETF		0.25%

Fundamental High Yield^® Corporate Bond ETF		0.50%

Fundamental Investment Grade Corporate Bond ETF		0.22%

National AMT-Free Municipal Bond ETF		0.28%

New York AMT-Free Municipal Bond ETF		0.28%

Preferred ETF		0.50%

Short Term Treasury ETF		0.08%

Taxable Municipal Bond ETF		0.28%

Variable Rate Preferred ETF		0.50%

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



California AMT-Free Municipal Bond ETF	$	-

CEF Income Composite ETF		141

Equal Weight 0-30 Year Treasury ETF		1,893

Floating Rate Municipal Income ETF		-


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Fundamental High Yield^® Corporate Bond ETF	$	1,152

Fundamental Investment Grade Corporate Bond ETF		46

National AMT-Free Municipal Bond ETF		-

New York AMT-Free Municipal Bond ETF		-

Preferred ETF		5,919

Short Term Treasury ETF		138

Taxable Municipal Bond ETF		5,113

Variable Rate Preferred ETF		3,877

For Short Term Treasury ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

California AMT-Free Municipal Bond ETF		ICE Data Indices, LLC

CEF Income Composite ETF		S-Network Global Indexes, LLC

Equal Weight 0-30 Year Treasury ETF		Nasdaq, Inc.

Floating Rate Municipal Income ETF		ICE Data Indices, LLC

Fundamental High Yield^® Corporate Bond ETF		Research Affiliates^®

Fundamental Investment Grade Corporate Bond ETF		Research Affiliates^®

National AMT-Free Municipal Bond ETF		ICE Data Indices, LLC

New York AMT-Free Municipal Bond ETF		ICE Data Indices, LLC

Preferred ETF		ICE Data Indices, LLC

Short Term Treasury ETF		ICE Data Indices, LLC

Taxable Municipal Bond ETF		ICE Data Indices, LLC

Variable Rate Preferred ETF		ICE Data Indices, LLC

For the six months ended February 29, 2024, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:



CEF Income Composite ETF	$	5,612

NOTE 4–Additional Valuation Information


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.


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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 the Adviser’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 February 29, 2024, for each Fund (except for California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF and New York AMT-Free Municipal Bond ETF). As of February 29, 2024, all of the securities in California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF and New York AMT-Free Municipal Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

CEF Income Composite ETF

Investments in Securities

Closed-End Funds		$	743,963,362		$	-		$	-		$	743,963,362

Money Market Funds			-			13,867,787			-			13,867,787



Total Investments		$	743,963,362		$	13,867,787		$	-		$	757,831,149



Equal Weight 0-30 Year Treasury ETF

Investments in Securities

U.S. Treasury Securities		$	-		$	741,927,595		$	-		$	741,927,595

Money Market Funds			40,064,268			28,030,519			-			68,094,787



Total Investments		$	40,064,268		$	769,958,114		$	-		$	810,022,382



Fundamental High Yield^® Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	670,909,692		$	-		$	670,909,692

Money Market Funds			282,463			217,545,281			-			217,827,744



Total Investments		$	282,463		$	888,454,973		$	-		$	888,737,436



Fundamental Investment Grade Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	47,465,389		$	-		$	47,465,389

Money Market Funds			108,315			3,493,319			-			3,601,634



Total Investments		$	108,315		$	50,958,708		$	-		$	51,067,023



Preferred ETF

Investments in Securities

Preferred Stocks		$	4,485,392,064		$	4,644,628		$	-		$	4,490,036,692

Money Market Funds			-			118,660,161			-			118,660,161



Total Investments		$	4,485,392,064		$	123,304,789		$	-		$	4,608,696,853



Short Term Treasury ETF

Investments in Securities

U.S. Treasury Securities		$	-		$	1,514,917,046		$	-		$	1,514,917,046

Money Market Funds			524,051			-			-			524,051



Total Investments		$	524,051		$	1,514,917,046		$	-		$	1,515,441,097



Taxable Municipal Bond ETF

Investments in Securities

Municipal Obligations		$	-		$	1,542,787,438		$	-		$	1,542,787,438

U.S. Dollar Denominated Bonds & Notes			-			3,387,556			-			3,387,556

Money Market Funds			5,286,136			-			-			5,286,136



Total Investments		$	5,286,136		$	1,546,174,994		$	-		$	1,551,461,130


		144


	Level 1			Level 2			Level 3			Total

Variable Rate Preferred ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	2,929,089		$	1,159,590,982		$	-		$	1,162,520,071

Preferred Stocks			289,506,254			83,650,685			-			373,156,939

Money Market Funds			9,190,229			150,768,518			-			159,958,747


Total Investments		$	301,625,572		$	1,394,010,185		$	-		$	1,695,635,757

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

California AMT-Free Municipal Bond ETF	$	97,794	$	596,180	$	693,974

CEF Income Composite ETF		16,723,562		62,516,539		79,240,101

Equal Weight 0-30 Year Treasury ETF		893,898		5,162,093		6,055,991

Floating Rate Municipal Income ETF		-		-		-

Fundamental High Yield^® Corporate Bond ETF		21,694,640		41,517,576		63,212,216

Fundamental Investment Grade Corporate Bond ETF		153,438		464,399		617,837

National AMT-Free Municipal Bond ETF		9,412,030		2,010,657		11,422,687

New York AMT-Free Municipal Bond ETF		106,457		386,151		492,608

Preferred ETF		43,873,696		518,806,530		562,680,226

Short Term Treasury ETF		1,076,894		-		1,076,894

Taxable Municipal Bond ETF		3,775,830		10,349,379		14,125,209

Variable Rate Preferred ETF		8,266,011		68,936,454		77,202,465

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


	Purchases		Sales

California AMT-Free Municipal Bond ETF	$	27,447,279	$	16,030,525

CEF Income Composite ETF		79,635,392		80,440,091

Equal Weight 0-30 Year Treasury ETF		-		-

Floating Rate Municipal Income ETF		-		-

Fundamental High Yield^® Corporate Bond ETF		91,305,575		88,227,386

Fundamental Investment Grade Corporate Bond ETF		4,358,109		3,574,890

National AMT-Free Municipal Bond ETF		104,437,887		65,088,385

New York AMT-Free Municipal Bond ETF		4,095,955		3,603,675

Preferred ETF		151,139,094		155,370,706

Short Term Treasury ETF		-		-

Taxable Municipal Bond ETF		25,256,540		11,843,262

Variable Rate Preferred ETF		80,011,673		87,557,418


		145

For the six months ended February 29, 2024, the cost of securities purchased and the proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:


	Purchases		Sales

Equal Weight 0-30 Year Treasury ETF	$	104,293,992	$	91,786,046

Short Term Treasury ETF		-		-

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

California AMT-Free Municipal Bond ETF	$	296,619,692	$	173,347,273

CEF Income Composite ETF		68,026,134		11,547,996

Equal Weight 0-30 Year Treasury ETF		203,641,868		120,443,913

Floating Rate Municipal Income ETF		-		-

Fundamental High Yield^® Corporate Bond ETF		146,540,170		35,870,792

Fundamental Investment Grade Corporate Bond ETF		7,519,601		5,510,992

National AMT-Free Municipal Bond ETF		396,257,892		126,629,323

New York AMT-Free Municipal Bond ETF		1,161,387		-

Preferred ETF		162,658,689		507,612,313

Short Term Treasury ETF		-		-

Taxable Municipal Bond ETF		25,502,260		-

Variable Rate Preferred ETF		69,157,878		74,521,599

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

California AMT-Free Municipal Bond ETF	$	20,471,506	$	(21,982,069	)	$	(1,510,563	)	$	804,560,404

CEF Income Composite ETF		30,580,823		(65,243,607	)		(34,662,784	)		792,493,933

Equal Weight 0-30 Year Treasury ETF		22,671		(110,078,696	)		(110,056,025	)		920,078,407

Floating Rate Municipal Income ETF		-		-			-			36,410,000

Fundamental High Yield^® Corporate Bond ETF		7,370,517		(26,113,710	)		(18,743,193	)		907,480,629

Fundamental Investment Grade Corporate Bond ETF		96,014		(2,104,232	)		(2,008,218	)		53,075,241

National AMT-Free Municipal Bond ETF		39,845,678		(139,638,410	)		(99,792,732	)		2,773,518,269

New York AMT-Free Municipal Bond ETF		466,978		(6,480,609	)		(6,013,631	)		98,000,444

Preferred ETF		12,954,766		(811,539,524	)		(798,584,758	)		5,407,281,611

Short Term Treasury ETF		290,408		(407,907	)		(117,499	)		1,515,558,596

Taxable Municipal Bond ETF		11,651,457		(224,449,729	)		(212,798,272	)		1,764,259,402

Variable Rate Preferred ETF		10,401,638		(106,089,223	)		(95,687,585	)		1,791,323,342

NOTE 7–Trustees’ and Officer’s Fees


		146

NOTE 8—Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For CEF Income Composite ETF, Equal Weight 0-30 Year Treasury ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Short Term Treasury ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Taxable Municipal Bond ETF, such transactions are principally in exchange for the deposit or delivery of cash.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		147

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

In addition to the fees and expenses which the Invesco CEF Income Composite ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco California AMT-Free Municipal Bond ETF (PWZ)

Actual		$	1,000.00		$	1,047.20		0.28	%		$1.43

Hypothetical (5% return before expenses)			1,000.00			1,023.47		0.28			1.41

Invesco CEF Income Composite ETF (PCEF)

Actual			1,000.00			1,085.40		0.50			2.59

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.50			2.51

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)

Actual			1,000.00			1,007.90		0.15			0.75

Hypothetical (5% return before expenses)			1,000.00			1,024.12		0.15			0.75


		148

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Floating Rate Municipal Income ETF (PVI)

Actual		$	1,000.00		$	1,014.70		0.25	%		$1.25

Hypothetical (5% return before expenses)			1,000.00			1,023.62		0.25			1.26

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

Actual			1,000.00			1,059.10		0.50			2.56

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.50			2.51

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

Actual			1,000.00			1,032.40		0.22			1.11

Hypothetical (5% return before expenses)			1,000.00			1,023.77		0.22			1.11

Invesco National AMT-Free Municipal Bond ETF (PZA)

Actual			1,000.00			1,051.70		0.28			1.43

Hypothetical (5% return before expenses)			1,000.00			1,023.47		0.28			1.41

Invesco New York AMT-Free Municipal Bond ETF (PZT)

Actual			1,000.00			1,050.10		0.28			1.43

Hypothetical (5% return before expenses)			1,000.00			1,023.47		0.28			1.41

Invesco Preferred ETF (PGX)

Actual			1,000.00			1,097.70		0.50			2.61

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.50			2.51

Invesco Short Term Treasury ETF (TBLL)

Actual			1,000.00			1,026.70		0.08			0.40

Hypothetical (5% return before expenses)			1,000.00			1,024.47		0.08			0.40

Invesco Taxable Municipal Bond ETF (BAB)

Actual			1,000.00			1,034.50		0.28			1.42

Hypothetical (5% return before expenses)			1,000.00			1,023.47		0.28			1.41

Invesco Variable Rate Preferred ETF (VRP)

Actual			1,000.00			1,080.30		0.50			2.59

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.50			2.51

⁽¹⁾


		149

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2024 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515	P-TRST2-FINC-SAR-1	invesco.com/ETFs

LOGO

Invesco Semi-Annual Report to Shareholders

February 29, 2024


		RSPE		Invesco ESG S&P 500 Equal Weight ETF

		PBUS		Invesco MSCI USA ETF

		EQAL		Invesco Russell 1000 Equal Weight ETF

		SPVU		Invesco S&P 500^® Enhanced Value ETF

		XRLV		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

		SPHB		Invesco S&P 500^® High Beta ETF

		DIVG		Invesco S&P 500 High Dividend Growers ETF

		SPHD		Invesco S&P 500^® High Dividend Low Volatility ETF

		SPLV		Invesco S&P 500^® Low Volatility ETF

		SPMV		Invesco S&P 500 Minimum Variance ETF

		SPMO		Invesco S&P 500^® Momentum ETF

		QVML		Invesco S&P 500 QVM Multi-factor ETF

		QVMM		Invesco S&P MidCap 400 QVM Multi-factor ETF

		XMLV		Invesco S&P MidCap Low Volatility ETF

		QVMS		Invesco S&P SmallCap 600 QVM Multi-factor ETF

		XSHD		Invesco S&P SmallCap High Dividend Low Volatility ETF

		XSLV		Invesco S&P SmallCap Low Volatility ETF

		XSHQ		Invesco S&P SmallCap Quality ETF

Table of Contents


Schedules of Investments

Invesco ESG S&P 500 Equal Weight ETF (RSPE)			3

Invesco MSCI USA ETF (PBUS)			6

Invesco Russell 1000 Equal Weight ETF (EQAL)			13

Invesco S&P 500^® Enhanced Value ETF (SPVU)			23

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)			26

Invesco S&P 500^® High Beta ETF (SPHB)			29

Invesco S&P 500 High Dividend Growers ETF (DIVG)			32

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)			34

Invesco S&P 500^® Low Volatility ETF (SPLV)			36

Invesco S&P 500 Minimum Variance ETF (SPMV)			39

Invesco S&P 500^® Momentum ETF (SPMO)			42

Invesco S&P 500 QVM Multi-factor ETF (QVML)			45

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)			51

Invesco S&P MidCap Low Volatility ETF (XMLV)			56

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)			59

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			66

Invesco S&P SmallCap Low Volatility ETF (XSLV)			68

Invesco S&P SmallCap Quality ETF (XSHQ)			71

Statements of Assets and Liabilities			74

Statements of Operations			78

Statements of Changes in Net Assets			82

Financial Highlights			88

Notes to Financial Statements			106

Fund Expenses			121

Approval of Investment Advisory and Sub-Advisory Contracts			124


		2

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-4.22%
Alphabet, Inc., Class A^(b)		182	$	25,200
Alphabet, Inc., Class C^(b)		153		21,386
AT&T, Inc.		2,597		43,967
Comcast Corp., Class A		1,062		45,507
Electronic Arts, Inc.		320		44,634
Interpublic Group of Cos., Inc. (The)		1,413		44,368
News Corp., Class A		1,534		41,234
News Corp., Class B		461		12,903
Walt Disney Co. (The)		479		53,447
Warner Bros. Discovery, Inc.^(b)		4,028		35,406

				368,052

Consumer Discretionary-11.09%
Aptiv PLC^(b)		544		43,243
Best Buy Co., Inc.		586		47,396
eBay, Inc.		1,061		50,164
Etsy, Inc.^(b)		553		39,645
General Motors Co.		1,337		54,790
Hasbro, Inc.^(c)		919		46,216
Hilton Worldwide Holdings, Inc.		261		53,327
Home Depot, Inc. (The)		135		51,382
Lowe’s Cos., Inc.		210		50,541
Marriott International, Inc., Class A		216		53,972
McDonald’s Corp.		153		44,719
NIKE, Inc., Class B		378		39,285
Norwegian Cruise Line Holdings Ltd.^(b)(c)		2,420		46,924
Ralph Lauren Corp.		339		63,027
Royal Caribbean Cruises Ltd.^(b)		371		45,763
Starbucks Corp.		452		42,895
TJX Cos., Inc. (The)		495		49,074
Tractor Supply Co.^(c)		210		53,407
Whirlpool Corp.		402		43,171
Yum! Brands, Inc.		355		49,139

				968,080

Consumer Staples-7.16%
Archer-Daniels-Midland Co.		601		31,919
Campbell Soup Co.		1,017		43,365
Colgate-Palmolive Co.		568		49,143
Estee Lauder Cos., Inc. (The), Class A		329		48,883
General Mills, Inc.		668		42,872
Hershey Co. (The)		232		43,597
Kellanova		819		45,168
Kraft Heinz Co. (The)		1,215		42,865
McCormick & Co., Inc.		649		44,690
Mondelez International, Inc., Class A		617		45,084
PepsiCo, Inc.		262		43,319
Target Corp.		329		50,311
Walgreens Boots Alliance, Inc.		2,057		43,732
Walmart, Inc.		855		50,112

				625,060

Financials-15.57%
Aflac, Inc.		538		43,438
Allstate Corp. (The)		317		50,568
American Express Co.		262		57,488
American International Group, Inc.		673		49,055
Bank of America Corp.		1,441		49,743


	Shares		Value
Financials-(continued)
Bank of New York Mellon Corp. (The)		931	$	52,220
Capital One Financial Corp.		386		53,118
Citigroup, Inc.		919		50,995
Fifth Third Bancorp		1,454		49,930
Globe Life, Inc.		356		45,187
Goldman Sachs Group, Inc. (The)		129		50,187
Hartford Financial Services Group, Inc. (The)		564		54,054
Invesco Ltd.^(d)		2,932		45,182
JPMorgan Chase & Co.		281		52,283
M&T Bank Corp.		335		46,813
Mastercard, Inc., Class A		107		50,799
MetLife, Inc.		692		48,260
Moody’s Corp.		118		44,772
Morgan Stanley		554		47,666
Nasdaq, Inc.		788		44,286
Northern Trust Corp.		549		45,089
PayPal Holdings, Inc.^(b)		744		44,893
Principal Financial Group, Inc.		588		47,546
Prudential Financial, Inc.		448		48,828
Regions Financial Corp.		2,572		47,916
S&P Global, Inc.		105		44,980
State Street Corp.		614		45,270
Visa, Inc., Class A^(c)		173		48,897

				1,359,463

Health Care-14.28%
Abbott Laboratories		418		49,592
AbbVie, Inc.		300		52,815
Agilent Technologies, Inc.		340		46,702
Amgen, Inc.		163		44,634
Baxter International, Inc.		1,224		50,086
Becton, Dickinson and Co.		188		44,283
Biogen, Inc.^(b)		188		40,794
Boston Scientific Corp.^(b)		802		53,100
Cigna Group (The)		171		57,480
CVS Health Corp.		603		44,845
DaVita, Inc.^(b)		421		53,454
Edwards Lifesciences Corp.^(b)		633		53,723
Elevance Health, Inc.		92		46,115
Gilead Sciences, Inc.		558		40,232
Hologic, Inc.^(b)		641		47,306
Humana, Inc.		91		31,879
Illumina, Inc.^(b)		385		53,835
Medtronic PLC		557		46,432
Merck & Co., Inc.		415		52,767
Moderna, Inc.^(b)		546		50,363
Quest Diagnostics, Inc.		325		40,589
Regeneron Pharmaceuticals, Inc.^(b)		53		51,203
Thermo Fisher Scientific, Inc.		89		50,746
UnitedHealth Group, Inc.		80		39,488
Vertex Pharmaceuticals, Inc.^(b)		125		52,593
Waters Corp.^(b)		152		51,288

				1,246,344

Industrials-16.42%
American Airlines Group, Inc.^(b)(c)		3,263		51,164
Automatic Data Processing, Inc.		189		47,464
Caterpillar, Inc.		172		57,441
CSX Corp.		1,312		49,777

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
Cummins, Inc.		190	$	51,036
Deere & Co.		120		43,806
Dover Corp.		306		50,606
Emerson Electric Co.		500		53,425
IDEX Corp.		215		50,719
Illinois Tool Works, Inc.		178		46,663
J.B. Hunt Transport Services, Inc.		233		48,070
Johnson Controls International PLC		799		47,357
Norfolk Southern Corp.		193		48,902
Otis Worldwide Corp.		507		48,317
PACCAR, Inc.		463		51,342
Paychex, Inc.		356		43,653
Pentair PLC		660		51,342
Republic Services, Inc.		271		49,756
Robert Half, Inc.		531		42,692
Rockwell Automation, Inc.		158		45,043
Stanley Black & Decker, Inc.		473		42,234
Trane Technologies PLC		191		53,856
Union Pacific Corp.		190		48,201
United Parcel Service, Inc., Class B		286		42,402
United Rentals, Inc.		93		64,474
Verisk Analytics, Inc.		187		45,235
W.W. Grainger, Inc.		55		53,540
Waste Management, Inc.		252		51,824
Xylem, Inc.		417		52,980

				1,433,321

Information Technology-15.13%
Adobe, Inc.^(b)		74		41,461
Akamai Technologies, Inc.^(b)		383		42,482
Applied Materials, Inc.		303		61,091
Arista Networks, Inc.^(b)		206		57,173
Autodesk, Inc.^(b)		200		51,634
Cisco Systems, Inc.		922		44,597
Fortinet, Inc.^(b)		849		58,674
Gen Digital, Inc.		1,988		42,722
Hewlett Packard Enterprise Co.		2,770		42,187
HP, Inc.		1,544		43,742
Intel Corp.		1,066		45,891
Intuit, Inc.		78		51,706
Juniper Networks, Inc.		1,531		56,693
Keysight Technologies, Inc.^(b)		311		47,987
Lam Research Corp.		64		60,048
Micron Technology, Inc.		600		54,366
Microsoft Corp.		119		49,223
Motorola Solutions, Inc.		136		44,933
NVIDIA Corp.		97		76,739
ON Semiconductor Corp.^(b)		599		47,273
QUALCOMM, Inc.		338		53,333
Salesforce, Inc.^(b)		176		54,352
ServiceNow, Inc.^(b)		64		49,366
TE Connectivity Ltd.		334		47,949
Texas Instruments, Inc.		281		47,020
Tyler Technologies, Inc.^(b)		109		47,648

				1,320,290

Materials-6.27%
Air Products and Chemicals, Inc.		168		39,319


	Shares		Value
Materials-(continued)
Albemarle Corp.^(c)		371	$	51,143
Ball Corp.		767		49,103
CF Industries Holdings, Inc.		592		47,786
Dow, Inc.		864		48,280
Ecolab, Inc.		231		51,938
Freeport-McMoRan, Inc.		1,213		45,864
Linde PLC		110		49,370
LyondellBasell Industries N.V., Class A		476		47,733
Mosaic Co. (The)		1,254		39,075
Newmont Corp.		1,108		34,625
PPG Industries, Inc.		307		43,471

				547,707

Real Estate-6.91%
Alexandria Real Estate Equities, Inc.^(c)		360		44,903
Boston Properties, Inc.		695		44,980
CBRE Group, Inc., Class A^(b)		540		49,621
Digital Realty Trust, Inc.^(c)		324		47,566
Healthpeak Properties, Inc.		2,391		40,049
Host Hotels & Resorts, Inc.^(c)		2,502		51,892
Iron Mountain, Inc.		671		52,768
Kimco Realty Corp.		2,182		43,116
Prologis, Inc.		372		49,576
Regency Centers Corp.		690		42,746
Ventas, Inc.		955		40,387
Welltower, Inc.		507		46,725
Weyerhaeuser Co.		1,408		48,407

				602,736

Utilities-2.88%
American Water Works Co., Inc.		334		39,592
CenterPoint Energy, Inc.		1,528		42,020
Edison International^(c)		655		44,553
Eversource Energy		726		42,616
Exelon Corp.		1,116		39,998
Sempra		600		42,360

				251,139

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $8,339,276)				8,722,192


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.35%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		106,512		106,512
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		273,306		273,443

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $379,977)				379,955

TOTAL INVESTMENTS IN SECURITIES-104.28% (Cost $8,719,253)				9,102,147
OTHER ASSETS LESS LIABILITIES-(4.28)%				(373,607	)

NET ASSETS-100.00%			$	8,728,540

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Invesco Ltd.		$	60,719	$	5,196	$	(16,708	)		$	(280	)		$	(3,745	)		$	45,182	$	1,224

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-		105,001		(105,001	)			-				-				-		94

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			217,712		1,482,445		(1,593,645	)			-				-				106,512		4,300	*

Invesco Private Prime Fund			704,912		3,265,986		(3,697,706	)			(22	)			273				273,443		11,587	*


Total		$	983,343	$	4,858,628	$	(5,413,060	)		$	(302	)		$	(3,472	)		$	425,137	$	17,205

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Industrials			16.42

Financials			15.57

Information Technology			15.13

Health Care			14.28

Consumer Discretionary			11.09

Consumer Staples			7.16

Real Estate			6.91

Materials			6.27

Communication Services			4.22

Utilities			2.88

Money Market Funds Plus Other Assets Less Liabilities			0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco MSCI USA ETF (PBUS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-8.86%
Alphabet, Inc., Class A^(b)		596,838	$	82,638,189
Alphabet, Inc., Class C^(b)		519,636		72,634,720
AT&T, Inc.		721,089		12,208,037
Charter Communications, Inc., Class A^(b)(c)		9,697		2,850,239
Comcast Corp., Class A		404,982		17,353,479
Electronic Arts, Inc.		25,699		3,584,497
Fox Corp., Class A		25,056		746,418
Fox Corp., Class B		14,160		387,701
Interpublic Group of Cos., Inc. (The)		38,580		1,211,412
Liberty Broadband Corp., Class C^(b)(c)		11,855		713,434
Liberty Global Ltd., Class C (Belgium)^(b)(c)		18,592		344,882
Liberty Media Corp.-Liberty Formula One^(b)(c)		20,020		1,456,655
Liberty Media Corp.-Liberty SiriusXM, Series C^(b)		16,764		485,821
Live Nation Entertainment, Inc.^(b)		16,428		1,593,187
Match Group, Inc.^(b)(c)		27,993		1,008,868
Meta Platforms, Inc., Class A		223,850		109,715,600
Netflix, Inc.^(b)		44,141		26,613,492
News Corp., Class A		38,181		1,026,305
Omnicom Group, Inc.		20,168		1,782,650
Paramount Global, Class B^(c)		48,973		540,662
Pinterest, Inc., Class A^(b)(c)		59,133		2,170,181
Roblox Corp., Class A^(b)(c)		43,448		1,733,575
Roku, Inc., Class A^(b)(c)		12,624		797,584
Sirius XM Holdings, Inc.^(c)		77,431		342,245
Snap, Inc., Class A^(b)(c)		105,306		1,160,472
Take-Two Interactive Software, Inc.^(b)		17,092		2,511,328
T-Mobile US, Inc.		52,484		8,570,637
Trade Desk, Inc. (The), Class A^(b)		45,018		3,845,888
Verizon Communications, Inc.		423,989		16,968,040
Walt Disney Co. (The)		184,915		20,632,816
Warner Bros. Discovery, Inc.^(b)		232,336		2,042,233

				399,671,247

Consumer Discretionary-10.67%
Airbnb, Inc., Class A^(b)		44,015		6,931,042
Amazon.com, Inc.^(b)		937,980		165,797,345
Aptiv PLC^(b)		28,534		2,268,168
AutoZone, Inc.^(b)(c)		1,744		5,242,499
Bath & Body Works, Inc.		21,492		982,184
Best Buy Co., Inc.		19,928		1,611,777
Booking Holdings, Inc.^(b)		3,519		12,206,813
BorgWarner, Inc.		23,779		740,240
Burlington Stores, Inc.^(b)(c)		6,598		1,353,250
Caesars Entertainment, Inc.^(b)(c)		21,320		926,780
CarMax, Inc.^(b)(c)		15,726		1,242,354
Carnival Corp.^(b)		101,216		1,605,286
Chipotle Mexican Grill, Inc.^(b)		2,768		7,442,515
D.R. Horton, Inc.		30,242		4,519,364
Darden Restaurants, Inc.^(c)		11,912		2,033,497
Deckers Outdoor Corp.^(b)(c)		2,595		2,324,056
Dick’s Sporting Goods, Inc.^(c)		5,867		1,043,681
Domino’s Pizza, Inc.		3,542		1,588,056
DoorDash, Inc., Class A^(b)		26,173		3,260,371
DraftKings, Inc., Class A^(b)		42,319		1,833,259
eBay, Inc.		52,342		2,474,730


	Shares		Value
Consumer Discretionary-(continued)
Etsy, Inc.^(b)		12,154	$	871,320
Expedia Group, Inc.^(b)		13,446		1,839,682
Ford Motor Co.		396,558		4,933,181
Garmin Ltd.		15,437		2,120,272
General Motors Co.		138,340		5,669,173
Genuine Parts Co.		14,047		2,096,655
Hasbro, Inc.^(c)		13,451		676,451
Hilton Worldwide Holdings, Inc.		25,862		5,284,124
Home Depot, Inc. (The)		100,373		38,202,968
Hyatt Hotels Corp., Class A^(c)		4,492		689,926
Las Vegas Sands Corp.		37,979		2,070,615
Lear Corp.		5,876		807,069
Lennar Corp., Class A		25,228		3,998,890
LKQ Corp.		27,031		1,413,451
Lowe’s Cos., Inc.		58,001		13,959,101
lululemon athletica, inc.^(b)		11,600		5,418,244
Marriott International, Inc., Class A^(c)		25,176		6,290,727
McDonald’s Corp.		73,203		21,395,773
MercadoLibre, Inc. (Brazil)^(b)		4,589		7,320,832
MGM Resorts International^(b)(c)		27,559		1,192,753
NIKE, Inc., Class B		122,858		12,768,632
NVR, Inc.^(b)		321		2,447,808
O’Reilly Automotive, Inc.^(b)		5,967		6,488,635
Pool Corp.^(c)		3,876		1,543,113
PulteGroup, Inc.		21,903		2,373,847
Rivian Automotive, Inc., Class A^(b)(c)		67,059		759,108
Ross Stores, Inc.		33,953		5,057,639
Royal Caribbean Cruises Ltd.^(b)		24,443		3,015,044
Starbucks Corp.		114,186		10,836,251
Tesla, Inc.^(b)		288,539		58,250,253
TJX Cos., Inc. (The)		114,938		11,394,953
Tractor Supply Co.^(c)		10,908		2,774,123
Ulta Beauty, Inc.^(b)		4,897		2,686,298
Vail Resorts, Inc.^(c)		3,905		899,361
Williams-Sonoma, Inc.		6,146		1,447,567
Wynn Resorts Ltd.^(c)		10,343		1,088,084
Yum! Brands, Inc.		28,269		3,912,995

				481,422,185

Consumer Staples-5.84%
Albertson’s Cos., Inc., Class A		34,715		704,020
Altria Group, Inc.		178,370		7,297,117
Archer-Daniels-Midland Co.		53,943		2,864,913
Brown-Forman Corp., Class B^(c)		31,172		1,877,490
Bunge Global S.A.		15,006		1,416,116
Campbell Soup Co.^(c)		19,541		833,228
Celsius Holdings, Inc.^(b)(c)		14,942		1,219,566
Church & Dwight Co., Inc.		24,683		2,471,262
Clorox Co. (The)		12,616		1,934,159
Coca-Cola Co. (The)		414,221		24,861,544
Colgate-Palmolive Co.		78,811		6,818,728
Conagra Brands, Inc.		48,099		1,350,620
Constellation Brands, Inc., Class A		16,592		4,123,444
Costco Wholesale Corp.		44,751		33,289,821
Darling Ingredients, Inc.^(b)(c)		16,089		680,726
Dollar General Corp.		22,137		3,216,727
Dollar Tree, Inc.^(b)(c)		20,949		3,072,799
Estee Lauder Cos., Inc. (The), Class A		23,500		3,491,630

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco MSCI USA ETF (PBUS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
General Mills, Inc.		57,272	$	3,675,717
Hershey Co. (The)		15,116		2,840,599
Hormel Foods Corp.^(c)		30,320		1,070,902
J.M. Smucker Co. (The)		10,637		1,278,248
Kellanova		27,618		1,523,133
Kenvue, Inc.		172,878		3,284,682
Keurig Dr Pepper, Inc.		105,198		3,146,472
Kimberly-Clark Corp.		34,050		4,125,839
Kraft Heinz Co. (The)		86,083		3,037,008
Kroger Co. (The)		68,927		3,419,469
Lamb Weston Holdings, Inc.		14,358		1,467,531
McCormick & Co., Inc.^(c)		25,343		1,745,119
Molson Coors Beverage Co., Class B		18,894		1,179,364
Mondelez International, Inc., Class A		137,248		10,028,711
Monster Beverage Corp.^(b)		78,683		4,650,165
PepsiCo, Inc.		138,657		22,925,548
Philip Morris International, Inc.		156,562		14,084,318
Procter & Gamble Co. (The)		237,695		37,779,243
Sysco Corp.		50,674		4,103,074
Target Corp.		46,559		7,119,802
Tyson Foods, Inc., Class A		28,879		1,566,397
Walgreens Boots Alliance, Inc.		73,373		1,559,910
Walmart, Inc.		448,000		26,257,280

				263,392,441

Energy-3.72%
APA Corp.		30,969		922,566
Baker Hughes Co., Class A		101,288		2,997,112
Cheniere Energy, Inc.		24,028		3,729,146
Chesapeake Energy Corp.^(c)		11,081		917,285
Chevron Corp.		180,317		27,409,987
ConocoPhillips		119,752		13,476,890
Coterra Energy, Inc.		75,198		1,938,604
Devon Energy Corp.		64,615		2,846,937
Diamondback Energy, Inc.		17,251		3,148,653
EOG Resources, Inc.		58,718		6,720,862
EQT Corp.		39,151		1,454,460
Exxon Mobil Corp.		403,080		42,129,922
Halliburton Co.		90,267		3,165,664
Hess Corp.		27,880		4,063,510
HF Sinclair Corp.		16,376		908,868
Kinder Morgan, Inc.		201,230		3,499,390
Marathon Oil Corp.		59,023		1,431,308
Marathon Petroleum Corp.		38,293		6,480,324
Occidental Petroleum Corp.		66,782		4,047,657
ONEOK, Inc.		58,892		4,423,967
Ovintiv, Inc.		25,913		1,280,361
Phillips 66		44,370		6,323,169
Pioneer Natural Resources Co.		23,604		5,551,425
Schlumberger N.V.		144,062		6,962,516
Targa Resources Corp.		21,300		2,092,512
Texas Pacific Land Corp.		619		975,185
Valero Energy Corp.		34,335		4,857,029
Williams Cos., Inc. (The)		122,685		4,409,299

				168,164,608

Financials-12.79%
Aflac, Inc.		55,989		4,520,552
Allstate Corp. (The)		26,391		4,209,892
Ally Financial, Inc.^(c)		27,446		1,015,227
American Express Co.		58,796		12,901,018


	Shares		Value
Financials-(continued)
American Financial Group, Inc.^(c)		7,161	$	914,245
American International Group, Inc.		70,802		5,160,758
Ameriprise Financial, Inc.		10,206		4,157,516
Annaly Capital Management, Inc.^(c)		49,308		941,290
Aon PLC, Class A		20,192		6,380,470
Apollo Global Management, Inc.^(c)		40,067		4,479,491
Arch Capital Group Ltd.^(b)(c)		37,560		3,289,880
Ares Management Corp., Class A		16,845		2,234,152
Arthur J. Gallagher & Co.		21,774		5,311,332
Assurant, Inc.		5,304		962,411
Bank of America Corp.		718,299		24,795,681
Bank of New York Mellon Corp. (The)		76,581		4,295,428
Berkshire Hathaway, Inc., Class B^(b)		132,197		54,121,452
BlackRock, Inc.		15,003		12,172,534
Blackstone, Inc., Class A		71,659		9,159,453
Block, Inc., Class A^(b)(c)		55,828		4,436,651
Brown & Brown, Inc.		24,260		2,042,935
Capital One Financial Corp.		38,409		5,285,462
Carlyle Group, Inc. (The)^(c)		21,486		985,133
Cboe Global Markets, Inc.		10,552		2,025,984
Charles Schwab Corp. (The)		151,875		10,142,212
Chubb Ltd.		41,146		10,355,214
Cincinnati Financial Corp.		15,824		1,803,936
Citigroup, Inc.		191,930		10,650,196
Citizens Financial Group, Inc.		47,217		1,482,142
CME Group, Inc., Class A		36,305		7,999,807
Coinbase Global, Inc., Class A^(b)(c)		17,496		3,561,486
Corebridge Financial, Inc.		25,148		624,425
Discover Financial Services		25,177		3,038,864
Equitable Holdings, Inc.		34,137		1,168,851
Erie Indemnity Co., Class A^(c)		2,562		1,042,427
Everest Group Ltd.		4,376		1,614,219
FactSet Research Systems, Inc.		3,795		1,755,491
Fidelity National Financial, Inc.^(c)		26,075		1,318,873
Fidelity National Information Services, Inc.		59,753		4,134,310
Fifth Third Bancorp.		68,167		2,340,855
First Citizens BancShares, Inc., Class A		1,027		1,616,303
Fiserv, Inc.^(b)		60,530		9,035,313
FLEETCOR Technologies, Inc.^(b)		7,282		2,033,644
Franklin Resources, Inc.		29,211		801,842
Global Payments, Inc.		26,261		3,406,052
Globe Life, Inc.		9,625		1,221,701
Goldman Sachs Group, Inc. (The)		32,931		12,811,806
Hartford Financial Services Group, Inc. (The)		30,333		2,907,115
Huntington Bancshares, Inc.		146,040		1,904,362
Intercontinental Exchange, Inc.		57,724		7,990,156
Jack Henry & Associates, Inc.		7,345		1,276,341
JPMorgan Chase & Co.		291,478		54,232,397
KeyCorp		94,029		1,341,794
KKR & Co., Inc., Class A		58,015		5,700,554
Loews Corp.		18,920		1,421,460
LPL Financial Holdings, Inc.		7,546		2,021,498
M&T Bank Corp.		16,804		2,348,191
Markel Group, Inc.^(b)(c)		1,333		1,989,476
MarketAxess Holdings, Inc.^(c)		3,753		800,928
Marsh & McLennan Cos., Inc.		49,727		10,058,280
Mastercard, Inc., Class A		84,447		40,092,058
MetLife, Inc.		63,452		4,425,142
Moody’s Corp.		16,610		6,302,166

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco MSCI USA ETF (PBUS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Financials-(continued)
Morgan Stanley		124,536	$	10,715,077
MSCI, Inc.		7,976		4,474,297
Nasdaq, Inc.^(c)		34,948		1,964,078
Northern Trust Corp.		20,879		1,714,792
PayPal Holdings, Inc.^(b)		103,295		6,232,820
PNC Financial Services Group, Inc. (The)		40,173		5,913,466
Principal Financial Group, Inc.		24,364		1,970,073
Progressive Corp. (The)		58,981		11,180,438
Prudential Financial, Inc.		36,294		3,955,683
Raymond James Financial, Inc.		20,036		2,410,731
Regions Financial Corp.		94,250		1,755,877
Robinhood Markets, Inc., Class A^(b)(c)		42,491		693,028
S&P Global, Inc.		32,676		13,997,745
SEI Investments Co.		11,077		744,928
State Street Corp.		31,121		2,294,551
Synchrony Financial		41,733		1,723,573
T. Rowe Price Group, Inc.		22,359		2,534,393
Toast, Inc., Class A^(b)(c)		34,311		789,153
Tradeweb Markets, Inc., Class A		10,793		1,142,115
Travelers Cos., Inc. (The)		23,034		5,089,593
Truist Financial Corp.		134,502		4,704,880
U.S. Bancorp		157,126		6,593,007
Visa, Inc., Class A^(c)		159,628		45,117,258
W.R. Berkley Corp.		20,868		1,744,565
Wells Fargo & Co.		366,256		20,360,171
Willis Towers Watson PLC		10,414		2,838,960

				577,226,086

Health Care-12.34%
Abbott Laboratories		175,084		20,771,966
AbbVie, Inc.		178,057		31,346,935
Agilent Technologies, Inc.		29,550		4,058,988
Align Technology, Inc.^(b)		7,338		2,219,158
Alnylam Pharmaceuticals, Inc.^(b)		12,823		1,937,427
Amgen, Inc.		53,973		14,779,427
Avantor, Inc.^(b)(c)		68,214		1,680,793
Baxter International, Inc.		50,650		2,072,598
Becton, Dickinson and Co.		29,201		6,878,296
Biogen, Inc.^(b)		14,613		3,170,875
BioMarin Pharmaceutical, Inc.^(b)		18,746		1,617,405
Bio-Rad Laboratories, Inc., Class A^(b)		2,215		721,824
Bio-Techne Corp.^(c)		15,687		1,154,093
Boston Scientific Corp.^(b)		147,745		9,782,196
Bristol-Myers Squibb Co.		205,208		10,414,306
Cardinal Health, Inc.		24,711		2,767,138
Catalent, Inc.^(b)(c)		17,845		1,023,232
Cencora, Inc.		17,242		4,062,215
Centene Corp.^(b)		53,875		4,225,416
Charles River Laboratories International, Inc.^(b)(c)		5,173		1,314,925
Cigna Group (The)		29,535		9,927,895
Cooper Cos., Inc. (The)		19,979		1,870,034
CVS Health Corp.		129,785		9,652,110
Danaher Corp.		70,796		17,921,299
DaVita, Inc.^(b)		5,525		701,509
DexCom, Inc.^(b)		38,898		4,475,993
Edwards Lifesciences Corp.^(b)		61,172		5,191,668
Elevance Health, Inc.		23,750		11,904,688
Eli Lilly and Co.		81,378		61,332,971
Exact Sciences Corp.^(b)(c)		17,907		1,030,190


	Shares		Value
Health Care-(continued)
GE HealthCare Technologies, Inc.		41,175	$	3,758,454
Gilead Sciences, Inc.		125,665		9,060,447
HCA Healthcare, Inc.		20,245		6,310,367
Henry Schein, Inc.^(b)		13,291		1,016,363
Hologic, Inc.^(b)		24,586		1,814,447
Humana, Inc.		12,416		4,349,573
IDEXX Laboratories, Inc.^(b)		8,376		4,818,127
Illumina, Inc.^(b)		16,015		2,239,377
Incyte Corp.^(b)		19,211		1,121,154
Insulet Corp.^(b)		6,974		1,143,736
Intuitive Surgical, Inc.^(b)		35,507		13,691,499
IQVIA Holdings, Inc.^(b)(c)		18,405		4,548,980
Jazz Pharmaceuticals PLC^(b)(c)		6,126		728,381
Johnson & Johnson		242,777		39,179,352
Laboratory Corp. of America Holdings		8,562		1,847,936
McKesson Corp.		13,420		6,997,322
Medtronic PLC		134,097		11,178,326
Merck & Co., Inc.		255,560		32,494,454
Mettler-Toledo International, Inc.^(b)		2,187		2,727,670
Moderna, Inc.^(b)(c)		32,685		3,014,864
Molina Healthcare, Inc.^(b)		5,880		2,316,191
Neurocrine Biosciences, Inc.^(b)(c)		9,917		1,293,177
Pfizer, Inc.		569,448		15,124,539
Quest Diagnostics, Inc.		11,187		1,397,144
Regeneron Pharmaceuticals, Inc.^(b)		10,804		10,437,636
Repligen Corp.^(b)(c)		5,349		1,037,653
ResMed, Inc.		14,834		2,576,962
Revvity, Inc.		12,446		1,363,957
Royalty Pharma PLC, Class A		38,020		1,153,527
STERISPLC		10,016		2,332,827
Stryker Corp.		34,486		12,038,028
Teleflex, Inc.		4,739		1,055,802
Thermo Fisher Scientific, Inc.		38,966		22,217,634
United Therapeutics Corp.^(b)		4,739		1,069,308
UnitedHealth Group, Inc.		93,280		46,043,008
Universal Health Services, Inc., Class B		6,153		1,027,920
Veeva Systems, Inc., Class A^(b)		15,427		3,478,943
Vertex Pharmaceuticals, Inc.^(b)		25,988		10,934,191
Viatris, Inc.		119,395		1,476,916
Waters Corp.^(b)		6,048		2,040,716
West Pharmaceutical Services, Inc.^(c)		7,462		2,674,082
Zimmer Biomet Holdings, Inc.		21,086		2,622,255
Zoetis, Inc.		46,307		9,184,067

				556,944,882

Industrials-8.95%
3M Co.		55,702		5,131,268
A.O. Smith Corp.		12,403		1,028,209
AECOM^(c)		13,714		1,218,215
Allegion PLC		8,853		1,132,033
AMETEK, Inc.		23,336		4,204,680
Automatic Data Processing, Inc.		41,419		10,401,553
Axon Enterprise, Inc.^(b)		7,117		2,187,552
Boeing Co. (The)^(b)		57,962		11,808,019
Booz Allen Hamilton Holding Corp.		13,314		1,966,611
Broadridge Financial Solutions, Inc.		11,865		2,415,477
Builders FirstSource, Inc.^(b)		12,440		2,428,039
C.H. Robinson Worldwide, Inc.		11,764		871,477
Carlisle Cos., Inc.^(c)		4,851		1,697,850
Carrier Global Corp.^(c)		81,525		4,531,159

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco MSCI USA ETF (PBUS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
Caterpillar, Inc.		51,342	$	17,146,174
Cintas Corp.		9,201		5,783,841
CNH Industrial N.V.^(b)		100,220		1,197,629
Copart, Inc.^(b)		87,157		4,632,395
CSX Corp.		199,295		7,561,252
Cummins, Inc.		14,295		3,839,780
Dayforce, Inc.^(b)(c)		14,754		1,029,239
Deere & Co.		26,825		9,792,466
Delta Air Lines, Inc.		16,423		694,200
Dover Corp.		13,981		2,312,178
Eaton Corp. PLC		40,270		11,638,030
Emerson Electric Co.		57,495		6,143,341
Equifax, Inc.		12,427		3,399,903
Expeditors International of Washington, Inc.		14,914		1,783,714
Fastenal Co.		57,628		4,207,420
FedEx Corp.		23,992		5,973,288
Ferguson PLC		20,550		4,345,297
Fortive Corp.		35,192		2,995,895
Fortune Brands Innovations, Inc.		12,962		1,054,329
General Dynamics Corp.		23,431		6,402,521
General Electric Co.		109,765		17,221,031
Graco, Inc.^(c)		17,049		1,555,892
HEICO Corp.^(c)		4,299		831,427
HEICO Corp., Class A		7,485		1,164,591
Honeywell International, Inc.		66,659		13,247,143
Howmet Aerospace, Inc.		39,449		2,625,331
Hubbell, Inc.		5,408		2,058,663
Huntington Ingalls Industries, Inc.		4,006		1,168,230
IDEX Corp.		7,635		1,801,096
Illinois Tool Works, Inc.		30,305		7,944,456
Ingersoll Rand, Inc.		40,824		3,728,456
J.B. Hunt Transport Services, Inc.		8,322		1,716,912
Jacobs Solutions, Inc.		12,739		1,868,174
Johnson Controls International PLC		68,647		4,068,708
Knight-Swift Transportation Holdings, Inc.		16,405		924,258
L3Harris Technologies, Inc.		19,115		4,045,881
Leidos Holdings, Inc.		13,238		1,692,611
Lennox International, Inc.^(c)		3,230		1,522,008
Lockheed Martin Corp.		22,519		9,643,537
Masco Corp.		22,415		1,720,575
Nordson Corp.		5,463		1,451,246
Norfolk Southern Corp.		22,806		5,778,584
Northrop Grumman Corp.		14,410		6,643,298
Old Dominion Freight Line, Inc.		9,904		4,382,322
Otis Worldwide Corp.		41,432		3,948,470
Owens Corning		8,963		1,342,478
PACCAR, Inc.		52,753		5,849,780
Parker-Hannifin Corp.		13,013		6,967,811
Paychex, Inc.		32,522		3,987,848
Paycom Software, Inc.		5,628		1,026,491
Paylocity Holding Corp.^(b)(c)		4,404		742,558
Pentair PLC		16,819		1,308,350
Quanta Services, Inc.		14,652		3,538,605
Republic Services, Inc.		22,102		4,057,927
Robert Half, Inc.		10,677		858,431
Rockwell Automation, Inc.		11,556		3,294,384
Rollins, Inc.		29,086		1,281,820
RTX Corp.		145,014		13,003,405
Snap-on, Inc.		5,323		1,467,338


	Shares		Value
Industrials-(continued)
Southwest Airlines Co.		14,427	$	494,413
SS&C Technologies Holdings, Inc.		22,275		1,420,254
Stanley Black & Decker, Inc.		15,238		1,360,601
Textron, Inc.		19,767		1,760,647
Toro Co. (The)^(c)		10,451		964,732
Trane Technologies PLC		22,949		6,470,930
TransDigm Group, Inc.		5,601		6,596,522
TransUnion		19,535		1,516,502
Uber Technologies, Inc.^(b)		186,784		14,849,328
U-Haul Holding Co., Series N^(c)		10,009		636,272
Union Pacific Corp.		61,479		15,596,608
United Parcel Service, Inc., Class B		72,811		10,794,959
United Rentals, Inc.		6,836		4,739,194
Veralto Corp.		23,546		2,034,845
Verisk Analytics, Inc.		14,622		3,537,062
Vertiv Holdings Co., Class A		36,545		2,471,173
W.W. Grainger, Inc.		4,505		4,385,437
Wabtec Corp.		18,068		2,552,828
Waste Connections, Inc.		25,984		4,324,777
Waste Management, Inc.		40,620		8,353,503
Watsco, Inc.^(c)		3,379		1,331,731
Xylem, Inc.		24,313		3,088,967

				403,716,445

Information Technology-29.94%
Accenture PLC, Class A		63,233		23,698,464
Adobe, Inc.^(b)		45,585		25,540,364
Advanced Micro Devices, Inc.^(b)		162,925		31,367,950
Akamai Technologies, Inc.^(b)		15,102		1,675,114
Amphenol Corp., Class A		60,340		6,591,542
Analog Devices, Inc.		50,049		9,600,399
ANSYS, Inc.^(b)		8,761		2,927,663
Apple, Inc.		1,481,385		267,760,339
Applied Materials, Inc.		83,814		16,898,579
AppLovin Corp., Class A^(b)		16,017		956,535
Arista Networks, Inc.^(b)		26,669		7,401,714
Aspen Technology, Inc.^(b)(c)		3,026		586,711
Atlassian Corp., Class A^(b)(c)		15,633		3,242,597
Autodesk, Inc.^(b)		21,574		5,569,760
Bentley Systems, Inc., Class B		21,098		1,083,804
BILL Holdings, Inc.^(b)(c)		9,768		618,607
Broadcom, Inc.		44,852		58,329,577
Cadence Design Systems, Inc.^(b)		27,403		8,340,925
CDW Corp.		13,582		3,344,024
Cisco Systems, Inc.		409,807		19,822,365
Cloudflare, Inc., Class A^(b)(c)		29,868		2,943,193
Cognizant Technology Solutions Corp., Class A		50,528		3,992,723
Confluent, Inc., Class A^(b)(c)		18,979		642,819
Corning, Inc.		81,272		2,620,209
CrowdStrike Holdings, Inc., Class A^(b)		22,968		7,445,077
Datadog, Inc., Class A^(b)		27,548		3,621,460
Dell Technologies, Inc., Class C		24,216		2,292,287
DocuSign, Inc.^(b)(c)		20,512		1,092,674
Dropbox, Inc., Class A^(b)(c)		25,616		613,503
Dynatrace, Inc.^(b)(c)		27,629		1,369,017
Enphase Energy, Inc.^(b)(c)		13,802		1,752,992
Entegris, Inc.		15,144		2,034,748
EPAM Systems, Inc.^(b)		5,819		1,771,304
F5, Inc.^(b)		6,066		1,135,677

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco MSCI USA ETF (PBUS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Fair Isaac Corp.^(b)		2,532	$	3,215,412
First Solar, Inc.^(b)		10,217		1,572,294
Fortinet, Inc.^(b)		65,828		4,549,373
Gartner, Inc.^(b)		7,861		3,659,767
Gen Digital, Inc.^(c)		58,210		1,250,933
GoDaddy, Inc., Class A^(b)		13,492		1,540,112
Hewlett Packard Enterprise Co.		131,069		1,996,181
HP, Inc.		94,937		2,689,565
HubSpot, Inc.^(b)(c)		4,822		2,983,902
Intel Corp.		425,189		18,304,386
International Business Machines Corp.		92,089		17,039,228
Intuit, Inc.		28,232		18,714,710
Jabil, Inc.		12,863		1,853,430
Juniper Networks, Inc.		31,893		1,180,998
Keysight Technologies, Inc.^(b)		17,694		2,730,184
KLA Corp.		13,709		9,353,651
Lam Research Corp.		13,291		12,470,281
Lattice Semiconductor Corp.^(b)(c)		13,865		1,062,198
Manhattan Associates, Inc.^(b)		6,209		1,572,926
Marvell Technology, Inc.		87,186		6,247,749
Microchip Technology, Inc.		54,426		4,579,404
Micron Technology, Inc.		111,331		10,087,702
Microsoft Corp.		712,076		294,543,117
MongoDB, Inc.^(b)(c)		7,279		3,257,935
Monolithic Power Systems, Inc.		4,832		3,479,233
Motorola Solutions, Inc.		16,738		5,530,068
NetApp, Inc.		20,778		1,851,735
NVIDIA Corp.		249,103		197,070,365
NXP Semiconductors N.V. (China)		25,996		6,491,981
Okta, Inc.^(b)(c)		15,939		1,710,255
ON Semiconductor Corp.^(b)		43,187		3,408,318
Oracle Corp.		166,339		18,576,740
Palantir Technologies, Inc., Class A^(b)(c)		187,835		4,710,902
Palo Alto Networks, Inc.^(b)		31,798		9,874,869
PTC, Inc.^(b)		12,045		2,204,355
Qorvo, Inc.^(b)		9,996		1,145,042
QUALCOMM, Inc.		112,750		17,790,822
Roper Technologies, Inc.		10,773		5,868,376
Salesforce, Inc.^(b)		97,654		30,157,508
Samsara, Inc., Class A^(b)		17,353		599,546
Seagate Technology Holdings PLC^(c)		19,951		1,856,441
ServiceNow, Inc.^(b)		20,675		15,947,454
Skyworks Solutions, Inc.		16,164		1,695,927
Snowflake, Inc., Class A^(b)		28,124		5,295,187
Splunk, Inc.^(b)(c)		16,227		2,534,982
Super Micro Computer, Inc.^(b)(c)		5,070		4,391,228
Synopsys, Inc.^(b)		15,328		8,794,133
TE Connectivity Ltd.		31,201		4,479,216
Teledyne Technologies, Inc.^(b)		4,759		2,033,378
Teradyne, Inc.		15,418		1,597,151
Texas Instruments, Inc.		91,594		15,326,424
Trimble, Inc.^(b)		25,089		1,535,196
Twilio, Inc., Class A^(b)		17,266		1,028,881
Tyler Technologies, Inc.^(b)(c)		4,248		1,856,971
UiPath, Inc., Class A^(b)(c)		38,858		922,877
Unity Software, Inc.^(b)(c)		24,970		732,120
VeriSign, Inc.^(b)		9,446		1,844,709
Western Digital Corp.^(b)		32,435		1,928,909
Workday, Inc., Class A^(b)		21,078		6,210,843
Zebra Technologies Corp., Class A^(b)		5,180		1,447,706


	Shares		Value
Information Technology-(continued)
Zoom Video Communications, Inc., Class A^(b)(c)		24,721	$	1,748,516
Zscaler, Inc.^(b)(c)		9,040		2,187,409

				1,351,005,927

Materials-2.34%
Air Products and Chemicals, Inc.^(c)		22,412		5,245,304
Albemarle Corp.^(c)		11,835		1,631,455
Amcor PLC		146,121		1,323,856
Avery Dennison Corp.		8,122		1,758,657
Ball Corp.		31,799		2,035,772
Celanese Corp.		10,360		1,574,409
CF Industries Holdings, Inc.		19,012		1,534,649
Cleveland-Cliffs, Inc.^(b)(c)		51,978		1,081,142
Corteva, Inc.		70,779		3,788,092
Crown Holdings, Inc.^(c)		11,942		914,996
Dow, Inc.		70,485		3,938,702
DuPont de Nemours, Inc.		43,370		3,000,770
Eastman Chemical Co.		11,957		1,049,107
Ecolab, Inc.		25,881		5,819,084
FMC Corp.^(c)		12,833		723,653
Freeport-McMoRan, Inc.		144,618		5,468,007
International Flavors & Fragrances, Inc.		25,509		1,925,929
International Paper Co.		32,564		1,151,463
Linde PLC		48,902		21,948,196
LyondellBasell Industries N.V., Class A		26,170		2,624,328
Martin Marietta Materials, Inc.		6,290		3,633,796
Mosaic Co. (The)		33,183		1,033,982
Newmont Corp.		116,251		3,632,844
Nucor Corp.		24,933		4,794,616
Packaging Corp. of America		9,039		1,637,776
PPG Industries, Inc.		23,733		3,360,593
Reliance, Inc.		5,796		1,861,791
RPM International, Inc.^(c)		13,131		1,514,661
Sherwin-Williams Co. (The)		24,564		8,155,985
Steel Dynamics, Inc.		15,608		2,088,663
Vulcan Materials Co.		13,449		3,575,417
Westlake Corp.		3,888		539,304
WestRock Co.		25,612		1,159,967

				105,526,966

Real Estate-2.37%
Alexandria Real Estate Equities, Inc.^(c)		16,661		2,078,126
American Homes 4 Rent, Class A		32,859		1,216,111
American Tower Corp.		47,013		9,349,005
AvalonBay Communities, Inc.		14,322		2,535,424
Boston Properties, Inc.		15,036		973,130
Camden Property Trust^(c)		10,621		1,003,472
CBRE Group, Inc., Class A^(b)		30,739		2,824,607
CoStar Group, Inc.^(b)		41,124		3,579,022
Crown Castle, Inc.		43,738		4,808,556
Digital Realty Trust, Inc.^(c)		30,512		4,479,467
Equinix, Inc.		9,468		8,415,348
Equity LifeStyle Properties, Inc.^(c)		17,639		1,187,457
Equity Residential		36,032		2,169,487
Essex Property Trust, Inc.^(c)		6,557		1,517,290
Extra Space Storage, Inc.^(c)		21,308		3,003,789
Gaming and Leisure Properties, Inc.		26,929		1,224,731
Healthpeak Properties, Inc.		71,400		1,195,950
Host Hotels & Resorts, Inc.^(c)		70,834		1,469,097
Invitation Homes, Inc.^(c)		61,238		2,086,379

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Invesco MSCI USA ETF (PBUS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate-(continued)
Iron Mountain, Inc.		29,448	$	2,315,791
Kimco Realty Corp.		67,981		1,343,304
Mid-America Apartment Communities, Inc.		11,787		1,481,390
Prologis, Inc.		93,184		12,418,632
Public Storage		15,960		4,530,565
Realty Income Corp.		83,526		4,352,540
Regency Centers Corp.		17,684		1,095,524
SBA Communications Corp., Class A		10,842		2,268,472
Simon Property Group, Inc.		32,902		4,874,102
Sun Communities, Inc.^(c)		12,814		1,714,000
UDR, Inc.		31,394		1,114,487
Ventas, Inc.		40,199		1,700,016
VICI Properties, Inc.^(c)		104,334		3,122,716
W.P. Carey, Inc.^(c)		22,053		1,242,245
Welltower, Inc.		55,818		5,144,187
Weyerhaeuser Co.		73,342		2,521,498
Zillow Group, Inc., Class C^(b)(c)		15,581		874,873

				107,230,790

Utilities-2.08%
AES Corp. (The)		66,777		1,015,010
Alliant Energy Corp.^(c)		25,282		1,207,216
Ameren Corp.		26,534		1,888,956
American Electric Power Co., Inc.		53,035		4,518,052
American Water Works Co., Inc.		19,636		2,327,651
Atmos Energy Corp.		15,212		1,717,587
CenterPoint Energy, Inc.		62,966		1,731,565
CMS Energy Corp.		29,154		1,672,565
Consolidated Edison, Inc.		34,762		3,031,594
Constellation Energy Corp.		32,184		5,421,395
Dominion Energy, Inc.		84,392		4,036,469
DTE Energy Co.		20,746		2,247,829
Duke Energy Corp.		77,727		7,137,670
Edison International		38,723		2,633,939
Entergy Corp.		21,126		2,145,768
Essential Utilities, Inc.^(c)		26,185		910,714
Evergy, Inc.		23,168		1,147,743


	Shares		Value
Utilities-(continued)
Eversource Energy		34,904	$	2,048,865
Exelon Corp		100,426		3,599,268
FirstEnergy Corp		54,458		1,993,707
NextEra Energy, Inc.		206,917		11,419,749
NiSource, Inc.		45,112		1,175,619
NRG Energy, Inc.		22,791		1,260,798
PG&E Corp.		203,059		3,389,055
PPL Corp.		73,682		1,942,994
Public Service Enterprise Group, Inc.		49,996		3,119,750
Sempra		63,469		4,480,911
Southern Co. (The)		109,990		7,396,828
Vistra Corp.		34,257		1,868,377
WEC Energy Group, Inc.		31,842		2,499,279
Xcel Energy, Inc.		55,444		2,921,344

				93,908,267

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $3,866,825,961)				4,508,209,844


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.95%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		36,330,675		36,330,675
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		96,692,842		96,741,188

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $133,081,445)				133,071,863

TOTAL INVESTMENTS IN SECURITIES-102.85% (Cost $3,999,907,406)				4,641,281,707
OTHER ASSETS LESS LIABILITIES-(2.85)%				(128,809,781	)

NET ASSETS-100.00%			$	4,512,471,926

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Invesco Ltd.		$	413,411	$	73,659	$	(445,933	)		$	201,434		$	(242,571	)		$	-	$	5,830

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			1,972,697		33,311,922		(35,284,619	)			-			-				-		29,140

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco MSCI USA ETF (PBUS)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	21,463,283	$	168,362,392	$	(153,495,000	)		$	-			$	-			$	36,330,675	$	782,831	*

Invesco Private Prime Fund			55,553,547		380,579,769		(339,442,494	)			(8,860	)			59,226				96,741,188		2,111,415	*


Total		$	79,402,938	$	582,327,742	$	(528,668,046	)		$	192,574			$	(183,345	)		$	133,071,863	$	2,929,216

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			29.94

Financials			12.79

Health Care			12.34

Consumer Discretionary			10.67

Industrials			8.95

Communication Services			8.86

Consumer Staples			5.84

Energy			3.72

Sector Types Each Less Than 3%			6.79

Money Market Funds Plus Other Assets Less Liabilities			0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco Russell 1000 Equal Weight ETF (EQAL)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-5.87%
Alphabet, Inc., Class A^(b)		2,776	$	384,365
AMC Entertainment Holdings, Inc.^(b)(c)		43,918		189,726
AT&T, Inc.		155,644		2,635,053
Cable One, Inc.^(c)		5,066		2,310,096
Charter Communications, Inc., Class A^(b)(c)		7,216		2,120,999
Comcast Corp., Class A		63,130		2,705,120
Electronic Arts, Inc.		2,217		309,227
Fox Corp., Class A		10,224		304,573
Frontier Communications Parent, Inc.^(b)(c)		115,205		2,728,054
IAC, Inc.^(b)(c)		8,046		457,013
Interpublic Group of Cos., Inc. (The)		9,729		305,491
Iridium Communications, Inc.		66,822		1,934,497
Liberty Broadband Corp.^(b)(d)		22,093		0
Liberty Broadband Corp., Class C^(b)		34,929		2,102,027
Liberty Media Corp.-Liberty Formula One^(b)(c)		4,849		352,813
Liberty Media Corp.-Liberty Live, Series C^(b)		9,035		359,774
Liberty Media Corp.-Liberty SiriusXM Series C^(b)		11,317		327,967
Live Nation Entertainment, Inc.^(b)		3,631		352,134
Madison Square Garden Sports Corp., Class A^(b)(c)		1,785		335,919
Match Group, Inc.^(b)		11,967		431,291
Meta Platforms, Inc., Class A		1,168		572,472
Netflix, Inc.^(b)		673		405,765
New York Times Co. (The), Class A		6,328		280,204
News Corp., Class A		13,831		371,777
Nexstar Media Group, Inc., Class A^(c)		2,133		354,441
Omnicom Group, Inc		3,703		327,308
Paramount Global, Class B^(c)		19,915		219,862
Pinterest, Inc., Class A^(b)		11,344		416,325
Playtika Holding Corp.^(b)(c)		35,627		263,996
Roblox Corp., Class A^(b)		7,522		300,128
Roku, Inc., Class A^(b)(c)		26,380		1,666,688
Sirius XM Holdings, Inc.^(c)		63,600		281,112
Spotify Technology S.A.^(b)		1,561		400,256
Take-Two Interactive Software, Inc.^(b)		1,973		289,893
TKO Group Holdings, Inc.^(c)		4,177		349,740
T-Mobile US, Inc.		17,012		2,778,060
Trade Desk, Inc. (The), Class A^(b)		4,364		372,816
TripAdvisor, Inc.^(b)(c)		16,965		455,001
Verizon Communications, Inc.		68,890		2,756,978
Walt Disney Co. (The)		3,248		362,412
Warner Bros. Discovery, Inc.^(b)		27,695		243,439
ZoomInfo Technologies, Inc., Class A^(b)(c)		25,345		424,782

				34,539,594

Consumer Discretionary-7.24%
ADT, Inc.^(c)		43,609		316,601
Advance Auto Parts, Inc.^(c)		5,327		359,786
Airbnb, Inc., Class A^(b)		2,144		337,616
Amazon.com, Inc.^(b)		2,083		368,191
Aptiv PLC^(b)		3,705		294,510
Aramark		11,183		339,180
AutoNation, Inc.^(b)		2,202		329,860
AutoZone, Inc.^(b)(c)		116		348,698
Bath & Body Works, Inc.		8,105		370,398
Best Buy Co., Inc.		4,108		332,255


	Shares		Value
Consumer Discretionary-(continued)
Birkenstock Holding PLC (Luxembourg)^(b)(c)		6,317	$	315,913
Booking Holdings, Inc.^(b)		94		326,070
BorgWarner, Inc.		9,071		282,380
Boyd Gaming Corp.		5,159		341,165
Bright Horizons Family Solutions, Inc.^(b)(c)		3,317		380,991
Brunswick Corp.^(c)		3,233		282,564
Burlington Stores, Inc.^(b)		1,730		354,823
Caesars Entertainment, Inc.^(b)		6,981		303,464
Capri Holdings Ltd.^(b)		6,203		286,144
CarMax, Inc.^(b)(c)		4,497		355,263
Carnival Corp.^(b)		16,695		264,783
Carter’s, Inc.		4,154		336,266
CAVA Group, Inc.^(b)(c)		9,119		532,641
Chipotle Mexican Grill, Inc.^(b)		138		371,050
Choice Hotels International, Inc.^(c)		2,669		298,768
Churchill Downs, Inc.		2,603		317,228
Columbia Sportswear Co.		3,746		309,757
Coupang, Inc. (South Korea)^(b)(c)		19,814		366,955
Crocs, Inc.^(b)(c)		2,894		353,791
D.R. Horton, Inc.		2,203		329,216
Darden Restaurants, Inc.		1,888		322,300
Deckers Outdoor Corp.^(b)		442		395,851
Dick’s Sporting Goods, Inc.^(c)		2,184		388,512
Domino’s Pizza, Inc.		761		341,194
DoorDash, Inc., Class A^(b)		3,879		483,207
DraftKings, Inc., Class A^(b)		8,575		371,469
eBay, Inc.		7,328		346,468
Etsy, Inc.^(b)		3,799		272,350
Expedia Group, Inc.^(b)		2,083		284,996
Five Below, Inc.^(b)		1,551		311,255
Floor & Decor Holdings, Inc., Class A^(b)(c)		3,019		365,661
Ford Motor Co.		27,695		344,526
GameStop Corp., Class A^(b)(c)		18,293		261,041
Gap, Inc. (The)		14,035		265,823
Garmin Ltd.		2,445		335,821
General Motors Co.		9,064		371,443
Gentex Corp.		9,736		355,656
Genuine Parts Co.		2,239		334,193
Grand Canyon Education, Inc.^(b)		2,149		289,685
H&R Block, Inc.		6,562		321,210
Harley-Davidson, Inc.		9,235		334,953
Hasbro, Inc.^(c)		6,233		313,458
Hilton Worldwide Holdings, Inc.		1,770		361,646
Home Depot, Inc. (The)		931		354,348
Hyatt Hotels Corp., Class A		2,505		384,743
Kohl’s Corp.^(c)		12,709		354,200
Las Vegas Sands Corp.		6,822		371,935
Lear Corp.		2,220		304,917
Leggett & Platt, Inc.		11,478		234,381
Lennar Corp., Class A		2,183		346,027
Lithia Motors, Inc., Class A		1,111		332,256
LKQ Corp.		6,719		351,337
Lowe’s Cos., Inc.		1,459		351,138
Lucid Group, Inc.^(b)(c)		66,872		220,678
lululemon athletica, inc.^(b)		653		305,010
Macy’s, Inc.^(c)		17,642		307,676
Marriott International, Inc., Class A		1,460		364,810
Marriott Vacations Worldwide Corp.		3,868		360,459

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Mattel, Inc.^(b)(c)		15,668	$	308,660
McDonald’s Corp.		1,043		304,848
MGM Resorts International^(b)		7,532		325,985
Mister Car Wash, Inc.^(b)(c)		38,317		317,648
Mohawk Industries, Inc.^(b)		2,983		353,843
Murphy USA, Inc.		844		351,956
Newell Brands, Inc.		35,673		267,547
NIKE, Inc., Class B		2,606		270,842
Nordstrom, Inc.^(c)		19,073		399,961
Norwegian Cruise Line Holdings Ltd.^(b)(c)		15,964		309,542
NVR, Inc.^(b)		48		366,027
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		4,153		332,946
O’Reilly Automotive, Inc.^(b)		320		347,974
Peloton Interactive, Inc., Class A^(b)(c)		50,436		227,971
PENN Entertainment, Inc.^(b)(c)		12,872		235,558
Penske Automotive Group, Inc.		2,025		310,837
Petco Health & Wellness Co., Inc.^(b)(c)		87,092		226,439
Phinia, Inc.		11,262		385,386
Planet Fitness, Inc., Class A^(b)(c)		4,414		273,889
Polaris, Inc.		3,344		310,022
Pool Corp.^(c)		832		331,236
PulteGroup, Inc.		3,171		343,673
PVH Corp.		2,829		386,639
QuantumScape Corp.^(b)(c)		43,181		270,745
Ralph Lauren Corp.		2,296		426,872
RH^(b)(c)		1,065		292,236
Rivian Automotive, Inc., Class A^(b)(c)		15,628		176,909
Ross Stores, Inc.		2,287		340,672
Royal Caribbean Cruises Ltd.^(b)		2,548		314,296
Service Corp. International^(c)		4,693		343,481
Skechers U.S.A., Inc., Class A^(b)(c)		5,032		311,028
Starbucks Corp.		3,101		294,285
Tapestry, Inc.		9,158		435,280
Tempur Sealy International, Inc.		6,565		357,596
Tesla, Inc.^(b)		1,247		251,744
Texas Roadhouse, Inc.		2,650		395,830
Thor Industries, Inc.^(c)		2,808		359,929
TJX Cos., Inc. (The)		3,384		335,490
Toll Brothers, Inc.		3,294		377,624
TopBuild Corp.^(b)		874		351,680
Tractor Supply Co.^(c)		1,453		369,527
Travel + Leisure Co.		8,014		358,146
Ulta Beauty, Inc.^(b)		617		338,462
Under Armour, Inc., Class A^(b)(c)		35,446		317,596
V.F. Corp.		16,461		268,973
Vail Resorts, Inc.^(c)		1,403		323,125
Valvoline, Inc.^(b)(c)		36,848		1,571,199
Victoria’s Secret & Co.^(b)(c)		11,208		320,100
Wayfair, Inc., Class A^(b)(c)		5,730		341,508
Wendy’s Co. (The)		15,635		283,150
Whirlpool Corp.		2,704		290,383
Williams-Sonoma, Inc.^(c)		1,551		365,307
Wingstop, Inc.		1,231		432,143
Wyndham Hotels & Resorts, Inc.^(c)		3,826		292,880
Wynn Resorts Ltd.		3,672		386,294
YETI Holdings, Inc.^(b)(c)		6,571		269,674
Yum! Brands, Inc.		2,447		338,714

				42,615,267


	Shares		Value
Consumer Staples-8.81%
Albertson’s Cos., Inc., Class A		42,472	$	861,332
Altria Group, Inc.		22,664		927,184
Archer-Daniels-Midland Co.		12,672		673,010
BJ’s Wholesale Club Holdings, Inc.^(b)		4,649		339,563
Boston Beer Co., Inc. (The), Class A^(b)		2,680		825,815
Brown-Forman Corp., Class B^(c)		17,169		1,034,089
Bunge Global S.A		8,989		848,292
Campbell Soup Co.		21,550		918,892
Casey’s General Stores, Inc.		3,412		1,038,920
Celsius Holdings, Inc.^(b)(c)		18,356		1,498,217
Church & Dwight Co., Inc.		9,928		993,991
Clorox Co. (The)		6,515		998,815
Coca-Cola Co. (The)		15,929		956,059
Colgate-Palmolive Co.		12,065		1,043,864
Conagra Brands, Inc.		31,423		882,358
Constellation Brands, Inc., Class A		3,973		987,370
Costco Wholesale Corp.		503		374,177
Coty, Inc., Class A^(b)(c)		25,705		322,855
Darling Ingredients, Inc.^(b)		20,118		851,193
Dollar General Corp.		2,275		330,580
Dollar Tree, Inc.^(b)		2,382		349,392
Estee Lauder Cos., Inc. (The), Class A		2,211		328,510
Flowers Foods, Inc.		42,720		957,782
Freshpet, Inc.^(b)(c)		12,387		1,400,103
General Mills, Inc.		14,094		904,553
Grocery Outlet Holding Corp.^(b)		31,608		815,170
Hershey Co. (The)		4,952		930,580
Hormel Foods Corp.^(c)		29,385		1,037,878
Ingredion, Inc.		8,815		1,036,908
J.M. Smucker Co. (The)		7,724		928,193
Kellanova		17,281		953,047
Kenvue, Inc.		44,970		854,430
Keurig Dr Pepper, Inc.		28,919		864,967
Kimberly-Clark Corp.		7,698		932,767
Kraft Heinz Co. (The)		25,639		904,544
Kroger Co. (The)		20,895		1,036,601
Lamb Weston Holdings, Inc.		9,275		947,998
Maplebear, Inc.^(b)		16,169		526,139
McCormick & Co., Inc.		13,813		951,163
Molson Coors Beverage Co., Class B		15,076		941,044
Mondelez International, Inc., Class A		13,070		955,025
Monster Beverage Corp.^(b)		17,230		1,018,293
Olaplex Holdings, Inc.^(b)(c)		369,997		688,194
PepsiCo, Inc.		5,587		923,755
Performance Food Group Co.^(b)		14,139		1,085,451
Philip Morris International, Inc.		10,278		924,609
Pilgrim’s Pride Corp.^(b)		35,443		1,128,505
Post Holdings, Inc.^(b)		10,624		1,106,596
Procter & Gamble Co. (The)		6,388		1,015,309
Reynolds Consumer Products, Inc.^(c)		35,331		1,042,264
Seaboard Corp.^(c)		261		858,061
Spectrum Brands Holdings, Inc.		12,786		1,028,250
Sysco Corp.		12,606		1,020,708
Target Corp.		2,223		339,941
Tyson Foods, Inc., Class A		18,150		984,456
US Foods Holding Corp.^(b)		20,944		1,063,746
Walgreens Boots Alliance, Inc.		40,812		867,663

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Walmart, Inc.		5,991	$	351,132
WK Kellogg Co.		80,244		1,174,772

				51,885,075

Energy-8.18%
Antero Midstream Corp.^(c)		99,329		1,331,009
Antero Resources Corp.^(b)		60,080		1,544,056
APA Corp.		37,287		1,110,780
Baker Hughes Co., Class A		39,771		1,176,824
Cheniere Energy, Inc.		7,339		1,139,013
Chesapeake Energy Corp.^(c)		16,829		1,393,105
Chevron Corp.		8,864		1,347,417
ConocoPhillips		11,395		1,282,393
Coterra Energy, Inc.		51,336		1,323,442
Devon Energy Corp.		29,038		1,279,414
Diamondback Energy, Inc.		8,549		1,560,363
DT Midstream, Inc.		22,737		1,310,333
EOG Resources, Inc.		10,663		1,220,487
EQT Corp.		34,108		1,267,112
Exxon Mobil Corp.		12,822		1,340,155
Halliburton Co.		36,646		1,285,175
Hess Corp.		9,554		1,392,495
HF Sinclair Corp.		24,104		1,337,772
Kinder Morgan, Inc.		72,123		1,254,219
Marathon Oil Corp.		53,326		1,293,155
Marathon Petroleum Corp.		8,919		1,509,362
New Fortress Energy, Inc.^(c)		33,753		1,186,418
NOV, Inc.		68,362		1,155,318
Occidental Petroleum Corp.		22,366		1,355,603
ONEOK, Inc.		18,763		1,409,477
Ovintiv, Inc.		30,611		1,512,490
Phillips 66		10,122		1,442,486
Pioneer Natural Resources Co.		5,721		1,345,522
Range Resources Corp.		42,913		1,356,909
Schlumberger N.V		26,024		1,257,740
Southwestern Energy Co.^(b)		201,248		1,402,699
Targa Resources Corp.		14,894		1,463,187
TechnipFMC PLC (United Kingdom)^(c)		67,320		1,460,171
Texas Pacific Land Corp.		833		1,312,325
Valero Energy Corp.		10,341		1,462,838
Williams Cos., Inc. (The)		36,127		1,298,404

				48,119,668

Financials-10.50%
Affiliated Managers Group, Inc.		2,689		420,318
Affirm Holdings, Inc.^(b)(c)		6,940		260,389
Aflac, Inc.		4,400		355,256
AGNC Investment Corp.		40,701		389,102
Allstate Corp. (The)		2,626		418,900
Ally Financial, Inc.		12,470		461,265
American Express Co.		1,623		356,119
American Financial Group, Inc.		3,169		404,586
American International Group, Inc.		5,517		402,134
Ameriprise Financial, Inc.		1,035		421,618
Annaly Capital Management, Inc.^(c)		20,321		387,928
Aon PLC, Class A		1,123		354,857
Apollo Global Management, Inc.		3,975		444,405
Arch Capital Group Ltd.^(b)		4,663		408,432
Ares Management Corp., Class A		3,334		442,188
Arthur J. Gallagher & Co.		1,508		367,846
Assurant, Inc.		2,176		394,835


	Shares		Value
Financials-(continued)
Assured Guaranty Ltd.		5,350	$	490,060
AXIS Capital Holdings Ltd.		6,513		407,518
Bank of America Corp.		11,896		410,650
Bank of New York Mellon Corp. (The)		7,571		424,657
Bank OZK^(c)		7,986		349,787
Berkshire Hathaway, Inc., Class B^(b)		1,036		424,138
BlackRock, Inc.		491		398,368
Blackstone, Inc., Class A		3,221		411,708
Block, Inc., Class A^(b)		4,052		322,012
Blue Owl Capital, Inc.^(c)		27,262		489,626
BOK Financial Corp.		4,673		397,252
Brighthouse Financial, Inc.^(b)		6,854		319,054
Brown & Brown, Inc.		4,886		411,450
Capital One Financial Corp.		2,385		328,200
Carlyle Group, Inc. (The)^(c)		10,070		461,709
Cboe Global Markets, Inc.		2,059		395,328
Charles Schwab Corp. (The)		5,830		389,327
Chubb Ltd.		1,635		411,480
Cincinnati Financial Corp.		3,559		405,726
Citigroup, Inc.		7,556		419,282
Citizens Financial Group, Inc.		12,353		387,761
CME Group, Inc., Class A		1,717		378,341
CNA Financial Corp.^(c)		8,653		380,299
Coinbase Global, Inc., Class A^(b)		2,678		545,134
Columbia Banking System, Inc.		14,763		267,210
Comerica, Inc.		7,422		366,498
Commerce Bancshares, Inc.		6,891		358,608
Corebridge Financial, Inc.		18,116		449,820
Credit Acceptance Corp.^(b)(c)		796		440,666
Cullen/Frost Bankers, Inc.		3,582		388,683
Discover Financial Services		3,565		430,295
East West Bancorp, Inc.		5,422		395,047
Equitable Holdings, Inc.		11,305		387,083
Euronet Worldwide, Inc.^(b)		3,106		339,921
Evercore, Inc., Class A		2,383		445,812
Everest Group Ltd.		952		351,174
F.N.B. Corp.		28,728		383,232
FactSet Research Systems, Inc.		822		380,241
Fidelity National Financial, Inc.^(c)		7,766		392,804
Fidelity National Information Services, Inc.		4,705		325,539
Fifth Third Bancorp		11,907		408,886
First American Financial Corp.		5,877		343,276
First Citizens BancShares, Inc., Class A		258		406,043
First Hawaiian, Inc.		17,578		368,435
First Horizon Corp.		27,318		385,184
Fiserv, Inc.^(b)		2,077		310,034
FLEETCOR Technologies, Inc.^(b)		1,068		298,260
Franklin Resources, Inc.		14,032		385,178
Global Payments, Inc.		2,292		297,272
Globe Life, Inc.		2,984		378,759
Goldman Sachs Group, Inc. (The)		1,060		412,393
Hanover Insurance Group, Inc. (The)		2,851		374,821
Hartford Financial Services Group, Inc. (The)		4,646		445,273
Houlihan Lokey, Inc.		3,240		416,858
Huntington Bancshares, Inc.		30,761		401,123
Interactive Brokers Group, Inc., Class A		4,469		485,870
Intercontinental Exchange, Inc.		3,237		448,066
Invesco Ltd.^(e)		24,110		371,535
Jack Henry & Associates, Inc.		1,660		288,458
Janus Henderson Group PLC		13,512		421,034

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Financials-(continued)
Jefferies Financial Group, Inc.		10,027	$	419,329
JPMorgan Chase & Co.		2,308		429,426
Kemper Corp.		7,771		445,511
KeyCorp		27,973		399,175
Kinsale Capital Group, Inc.		1,109		572,444
KKR & Co., Inc., Class A		4,856		477,151
Lazard, Inc.^(c)		11,473		442,169
Lincoln National Corp.		14,981		412,577
Loews Corp.		5,329		400,368
LPL Financial Holdings, Inc.		1,669		447,108
M&T Bank Corp.		2,715		379,394
Markel Group, Inc.^(b)(c)		271		404,462
MarketAxess Holdings, Inc.		1,395		297,707
Marsh & McLennan Cos., Inc.		1,855		375,211
Mastercard, Inc., Class A		671		318,564
MetLife, Inc.		5,754		401,284
MGIC Investment Corp.^(c)		20,547		408,680
Moody’s Corp.		980		371,832
Morgan Stanley		4,497		386,922
Morningstar, Inc.		1,325		395,632
MSCI, Inc.		721		404,459
Nasdaq, Inc.		6,719		377,608
NCR Atleos Corp.^(b)		12,649		275,242
New York Community Bancorp, Inc.		36,655		175,577
Northern Trust Corp.		4,568		375,170
NU Holdings Ltd., Class A (Brazil)^(b)		44,733		495,642
Old Republic International Corp.		12,440		360,262
OneMain Holdings, Inc.		8,095		382,327
PayPal Holdings, Inc.^(b)		4,668		281,667
Pinnacle Financial Partners, Inc.^(c)		4,425		366,036
PNC Financial Services Group, Inc. (The)		2,613		384,634
Popular, Inc.		4,754		397,815
Primerica, Inc.		1,739		426,507
Principal Financial Group, Inc.		4,888		395,244
Progressive Corp. (The)		2,233		423,287
Prosperity Bancshares, Inc.		5,809		362,540
Prudential Financial, Inc.		3,667		399,666
Raymond James Financial, Inc.		3,433		413,059
Regions Financial Corp.		21,157		394,155
Reinsurance Group of America, Inc.		2,218		392,253
RenaissanceRe Holdings Ltd. (Bermuda)		1,819		408,948
Rithm Capital Corp.		34,720		376,365
RLI Corp.		2,706		396,294
Robinhood Markets, Inc., Class A^(b)(c)		31,778		518,299
Rocket Cos., Inc., Class A^(b)(c)		35,245		442,677
Ryan Specialty Holdings, Inc., Class A^(b)		8,153		427,054
S&P Global, Inc.		871		373,119
SEI Investments Co.		6,019		404,778
Shift4 Payments, Inc., Class A^(b)(c)		4,223		347,215
SLM Corp.		22,464		467,925
SoFi Technologies, Inc.^(b)(c)		45,848		411,715
Starwood Property Trust, Inc.^(c)		18,105		369,161
State Street Corp.		4,929		363,415
Stifel Financial Corp.		5,769		437,636
Synchrony Financial		7,824		323,131
Synovus Financial Corp.		10,211		387,405
T. Rowe Price Group, Inc.		3,652		413,954
TFS Financial Corp.^(c)		27,257		347,527
Toast, Inc., Class A^(b)(c)		25,603		588,869
TPG, Inc.^(c)		9,826		435,783


	Shares		Value
Financials-(continued)
Tradeweb Markets, Inc., Class A		3,951	$	418,095
Travelers Cos., Inc. (The)		2,004		442,804
Truist Financial Corp.		10,741		375,720
U.S. Bancorp		9,187		385,487
Unum Group		8,597		425,122
UWM Holdings Corp.^(c)		63,631		405,966
Virtu Financial, Inc., Class A		19,499		351,957
Visa, Inc., Class A^(c)		1,069		302,142
Voya Financial, Inc.		5,022		343,304
W.R. Berkley Corp.		5,145		430,122
Webster Financial Corp.^(c)		7,677		365,732
Wells Fargo & Co.		8,079		449,112
Western Alliance Bancorporation		6,578		379,748
Western Union Co. (The)		23,092		309,664
WEX, Inc.^(b)(c)		1,560		342,779
White Mountains Insurance Group Ltd.		254		448,422
Willis Towers Watson PLC		1,504		410,005
Wintrust Financial Corp.^(c)		4,067		391,855
XP, Inc., Class A (Brazil)		14,940		353,182
Zions Bancorporation N.A.		9,515		375,176

				61,814,196

Health Care-9.97%
10X Genomics, Inc., Class A^(b)(c)		9,262		431,980
Abbott Laboratories		4,239		502,915
AbbVie, Inc.		2,972		523,221
Acadia Healthcare Co., Inc.^(b)		6,120		510,714
Agilent Technologies, Inc.		3,395		466,337
agilon health, inc.^(b)(c)		39,868		244,391
Align Technology, Inc.^(b) ..		2,030		613,913
Alnylam Pharmaceuticals, Inc.^(b)		2,481		374,854
Amedisys, Inc.^(b)(c)		4,706		437,752
Amgen, Inc.		1,625		444,974
Apellis Pharmaceuticals, Inc.^(b)(c)		6,889		426,911
Avantor, Inc.^(b)		21,129		520,619
Azenta, Inc.^(b)(c)		7,569		493,120
Baxter International, Inc.		12,051		493,127
Becton, Dickinson and Co		1,884		443,776
Biogen, Inc.^(b)		1,836		398,394
BioMarin Pharmaceutical, Inc.^(b)		4,640		400,339
Bio-Rad Laboratories, Inc., Class A^(b)		1,419		462,424
Bio-Techne Corp.		6,486		477,175
Boston Scientific Corp.^(b)		8,010		530,342
Bristol-Myers Squibb Co.		8,790		446,092
Bristol-Myers Squibb Co., Rts., expiring 12/31/2030^(b)(c)(d)		7,730		5,411
Bruker Corp.		6,388		552,818
Cardinal Health, Inc.		4,146		464,269
Catalent, Inc.^(b)		11,766		674,662
Cencora, Inc.		4,675		1,101,430
Centene Corp.^(b)		5,965		467,835
Certara, Inc.^(b)(c)		27,410		462,681
Charles River Laboratories International, Inc.^(b)		2,182		554,643
Chemed Corp.		770		482,120
Cigna Group (The)		1,694		569,421
Cooper Cos., Inc. (The)		5,104		477,734
CVS Health Corp.		12,650		940,780
Danaher Corp.		2,011		509,065
DaVita, Inc.^(b)		4,170		529,465

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Health Care-(continued)
DENTSPLY SIRONA, Inc.		13,581	$	443,827
DexCom, Inc.^(b)		3,712		427,140
Doximity, Inc., Class A^(b)(c)		18,270		515,762
Edwards Lifesciences Corp.^(b)		6,461		548,345
Elanco Animal Health, Inc.^(b)		34,407		546,727
Elevance Health, Inc.		922		462,152
Eli Lilly and Co.		751		566,014
Encompass Health Corp.		6,783		504,655
Enovis Corp.^(b)(c)		8,739		522,680
Envista Holdings Corp.^(b)(c)		18,449		380,972
Exact Sciences Corp.^(b)(c)		6,775		389,766
Exelixis, Inc.^(b)(c)		20,146		441,197
Fortrea Holdings, Inc.^(b)(c)		14,189		532,655
GE HealthCare Technologies, Inc.		6,510		594,233
Gilead Sciences, Inc.		5,650		407,365
Globus Medical, Inc., Class A^(b)(c)		9,695		523,433
HCA Healthcare, Inc.		1,722		536,747
Henry Schein, Inc.^(b)		6,161		471,132
Hologic, Inc.^(b)		6,348		468,482
Humana, Inc.		915		320,543
ICON PLC^(b)		1,642		526,458
ICU Medical, Inc.^(b)(c)		5,040		550,519
IDEXX Laboratories, Inc.^(b)		837		481,467
Illumina, Inc.^(b)		3,764		526,320
Incyte Corp.^(b)		7,985		466,005
Inspire Medical Systems, Inc.^(b)(c)		2,738		490,212
Insulet Corp.^(b)		2,245		368,180
Integra LifeSciences Holdings Corp.^(b)(c)		10,640		392,722
Intuitive Surgical, Inc.^(b)		1,412		544,467
Ionis Pharmaceuticals, Inc.^(b)(c)		8,909		402,776
IQVIA Holdings, Inc.^(b)		2,050		506,678
Jazz Pharmaceuticals PLC^(b)		3,688		438,503
Johnson & Johnson		2,810		453,478
Karuna Therapeutics, Inc.^(b)(c)		2,133		669,698
Laboratory Corp. of America Holdings		2,024		436,840
Maravai LifeSciences Holdings, Inc.,
Class A^(b)(c)		84,978		656,880
Masimo Corp.^(b)(c)		4,135		531,513
McKesson Corp.		2,053		1,070,455
Medpace Holdings, Inc.^(b)		1,565		622,119
Medtronic PLC		5,541		461,898
Merck & Co., Inc.		4,246		539,879
Mettler-Toledo International, Inc.^(b)		253		315,547
Moderna, Inc.^(b)(c)		5,513		508,519
Molina Healthcare, Inc.^(b)		1,207		475,449
Natera, Inc.^(b)		7,612		658,362
Neurocrine Biosciences, Inc.^(b)		3,672		478,829
Novocure Ltd.^(b)(c)		34,222		523,939
Organon & Co.		38,873		676,779
Penumbra, Inc.^(b)(c)		1,982		465,611
Perrigo Co. PLC		14,442		379,247
Pfizer, Inc.		15,413		409,369
Premier, Inc., Class A		20,943		436,871
Qiagen N.V.^(b)(c)		10,180		435,602
Quest Diagnostics, Inc.		3,259		407,016
QuidelOrtho Corp.^(b)(c)		6,612		301,507
R1 RCM, Inc.^(b)(c)		42,434		596,198
Regeneron Pharmaceuticals, Inc.^(b)		522		504,299
Repligen Corp.^(b)(c)		2,726		528,817
ResMed, Inc.		2,699		468,870


	Shares		Value
Health Care-(continued)
Revvity, Inc.		4,806	$	526,690
Roivant Sciences Ltd.^(b)(c)		45,231		517,443
Royalty Pharma PLC, Class A		15,277		463,504
Sarepta Therapeutics, Inc.^(b)(c)		4,985		637,581
Shockwave Medical, Inc.^(b)(c)		2,513		655,566
Sotera Health Co.^(b)(c)		31,240		468,912
STERISPLC		2,191		510,306
Stryker Corp.		1,524		531,983
Tandem Diabetes Care, Inc.^(b)		18,363		489,007
Teladoc Health, Inc.^(b)(c)		22,959		346,222
Teleflex, Inc.		1,892		421,519
Tenet Healthcare Corp.^(b)		6,398		595,014
Thermo Fisher Scientific, Inc.		889		506,890
Ultragenyx Pharmaceutical, Inc.^(b)(c)		10,639		550,249
United Therapeutics Corp.^(b)		1,812		408,860
UnitedHealth Group, Inc.		795		392,412
Universal Health Services, Inc., Class B		3,284		548,625
Veeva Systems, Inc., Class A^(b)		2,547		574,374
Vertex Pharmaceuticals, Inc.^(b)		1,241		522,138
Viatris, Inc.		45,181		558,889
Waters Corp.^(b)		946		319,199
West Pharmaceutical Services, Inc.		1,291		462,643
Zimmer Biomet Holdings, Inc.		3,762		467,842
Zoetis, Inc.		2,423		480,554

				58,703,851

Industrials-10.77%
3M Co.		2,647		243,842
A.O. Smith Corp.		3,587		297,362
Acuity Brands, Inc.^(c)		1,476		370,830
Advanced Drainage Systems, Inc.		2,186		356,843
AECOM		3,029		269,066
AGCO Corp.		2,423		265,803
Air Lease Corp., Class A		6,953		278,815
Alaska Air Group, Inc.^(b)		8,317		310,973
Allegion PLC		2,637		337,193
Allison Transmission Holdings, Inc.^(c)		5,001		376,725
American Airlines Group, Inc.^(b)(c)		21,521		337,449
AMETEK, Inc.		1,765		318,018
Armstrong World Industries, Inc.		3,028		365,207
Automatic Data Processing, Inc.		1,198		300,854
Avis Budget Group, Inc.^(c)		1,660		179,346
Axon Enterprise, Inc.^(b)		1,169		359,316
AZEK Co., Inc. (The)^(b)(c)		7,936		381,801
Boeing Co. (The)^(b)		1,159		236,111
Booz Allen Hamilton Holding Corp.		2,185		322,746
Broadridge Financial Solutions, Inc.		1,896		385,988
Builders FirstSource, Inc.^(b)		1,893		369,476
BWX Technologies, Inc.		3,445		347,359
C.H. Robinson Worldwide, Inc.		3,178		235,426
CACI International, Inc., Class A^(b)		1,180		442,323
Carlisle Cos., Inc.		943		330,050
Carrier Global Corp.^(c)		5,159		286,737
Caterpillar, Inc.		1,062		354,666
ChargePoint Holdings, Inc.^(b)(c)		561,053		1,161,380
Cintas Corp.		504		316,819
Clarivate PLC^(b)(c)		47,839		343,484
Clean Harbors, Inc.^(b)		6,625		1,206,413
CNH Industrial N.V.^(b)		25,043		299,264
Concentrix Corp.^(c)		3,985		288,713

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
Copart, Inc.^(b)		6,277	$	333,623
Core & Main, Inc., Class A^(b)		7,517		358,786
Crane Co.		2,672		324,808
CSX Corp.		8,176		310,197
Cummins, Inc.		1,194		320,720
Curtiss-Wright Corp.		1,289		304,552
Dayforce, Inc.^(b)(c)		5,794		404,189
Deere & Co.		773		282,184
Delta Air Lines, Inc.		7,426		313,897
Donaldson Co., Inc.^(c)		4,479		320,786
Dover Corp.		1,932		319,514
Driven Brands Holdings, Inc.^(b)(c)		23,311		321,459
Dun & Bradstreet Holdings, Inc.		36,214		381,696
Eaton Corp. PLC		1,210		349,690
EMCOR Group, Inc.		1,303		408,517
Emerson Electric Co.		3,122		333,586
Equifax, Inc.		1,231		336,789
ESAB Corp.		3,367		333,737
Expeditors International of Washington, Inc.		2,288		273,645
Fastenal Co.		20,751		1,515,031
FedEx Corp.		1,019		253,700
Ferguson PLC		1,552		328,170
Flowserve Corp.		7,116		301,149
Fortive Corp.		3,975		338,392
Fortune Brands Innovations, Inc.		3,783		307,709
FTI Consulting, Inc.^(b)		1,244		257,359
Gates Industrial Corp. PLC^(b)(c)		22,320		328,550
Generac Holdings, Inc.^(b)		2,278		256,298
General Dynamics Corp.		1,089		297,569
General Electric Co.		2,300		360,847
Genpact Ltd.		7,971		271,014
Graco, Inc.		3,335		304,352
GXO Logistics, Inc.^(b)		4,775		247,154
Hayward Holdings, Inc.^(b)(c)		21,190		313,400
HEICO Corp.^(c)		1,561		301,897
Hertz Global Holdings, Inc.^(b)(c)		32,389		254,254
Hexcel Corp.^(c)		18,426		1,372,000
Honeywell International, Inc.		1,400		278,222
Howmet Aerospace, Inc.		5,256		349,787
Hubbell, Inc.		905		344,506
Huntington Ingalls Industries, Inc.		1,119		326,323
IDEX Corp.		1,346		317,521
Illinois Tool Works, Inc.		1,107		290,200
Ingersoll Rand, Inc.		3,772		344,497
ITT, Inc.		2,477		312,449
J.B. Hunt Transport Services, Inc.		1,462		301,625
Jacobs Solutions, Inc.		2,130		312,365
Johnson Controls International PLC		4,937		292,616
KBR, Inc.		7,286		437,379
Kirby Corp.^(b)		3,759		329,739
Knight-Swift Transportation Holdings, Inc.		4,863		273,981
L3Harris Technologies, Inc.		1,408		298,017
Landstar System, Inc.		1,535		291,957
Leidos Holdings, Inc.		3,536		452,113
Lennox International, Inc.^(c)		662		311,941
Lincoln Electric Holdings, Inc.		1,352		346,923
Lockheed Martin Corp.		617		264,224
Lyft, Inc., Class A^(b)(c)		24,115		382,946
ManpowerGroup, Inc.		3,586		258,766
Masco Corp.		4,318		331,450


	Shares		Value
Industrials-(continued)
MasTec, Inc.^(b)(c)		4,216	$	318,139
MDU Resources Group, Inc.		14,256		309,070
Mercury Systems, Inc.^(b)(c)		7,584		226,534
Middleby Corp. (The)^(b)		2,062		313,754
MSA Safety, Inc.		1,596		293,903
MSC Industrial Direct Co., Inc., Class A^(c)		2,793		281,925
Nordson Corp.		1,139		302,575
Norfolk Southern Corp.		1,213		307,350
Northrop Grumman Corp.		576		265,548
nVent Electric PLC		5,037		339,091
Old Dominion Freight Line, Inc.		744		329,205
Oshkosh Corp.		2,775		307,637
Otis Worldwide Corp.		3,153		300,481
Owens Corning		1,959		293,419
PACCAR, Inc.		2,878		319,141
Parker-Hannifin Corp.		638		341,617
Paychex, Inc.		2,195		269,151
Paycom Software, Inc.		2,074		378,277
Paycor HCM, Inc.^(b)(c)		18,380		388,186
Paylocity Holding Corp.^(b)		1,795		302,655
Pentair PLC		4,153		323,062
Plug Power, Inc.^(b)(c)		308,240		1,088,087
Quanta Services, Inc.		1,426		344,393
RB Global, Inc. (Canada)		4,811		365,203
RBC Bearings, Inc.^(b)(c)		5,002		1,364,696
Regal Rexnord Corp.^(c)		2,224		381,394
Republic Services, Inc.		6,952		1,276,387
Robert Half, Inc.		3,298		265,159
Rockwell Automation, Inc.		999		284,795
Rollins, Inc.		7,344		323,650
RTX Corp.		3,367		301,919
Ryder System, Inc.		2,611		297,915
Saia, Inc.^(b)(c)		713		410,260
Schneider National, Inc., Class B		11,473		270,189
Science Applications International Corp.		2,976		416,521
Sensata Technologies Holding PLC		8,134		279,972
SiteOne Landscape Supply, Inc.^(b)(c)		2,072		349,091
Snap-on, Inc.		993		273,730
Southwest Airlines Co.		10,288		352,570
Spirit AeroSystems Holdings, Inc., Class A^(b)(c)		9,776		279,594
SS&C Technologies Holdings, Inc.		6,760		431,018
Stanley Black & Decker, Inc.		2,985		266,531
Stericycle, Inc.^(b)(c)		22,878		1,244,334
Sunrun, Inc.^(b)(c)		80,893		973,952
Tetra Tech, Inc.		1,661		294,529
Textron, Inc.		3,634		323,680
Timken Co. (The)		17,569		1,475,620
Toro Co. (The)		3,260		300,931
Trane Technologies PLC		1,191		335,826
TransDigm Group, Inc.		287		338,011
TransUnion		4,373		339,476
Trex Co., Inc.^(b)(c)		3,754		344,467
Uber Technologies, Inc.^(b).		4,923		391,379
U-Haul Holding Co., Series N^(c)		5,326		338,574
Union Pacific Corp.		1,190		301,891
United Airlines Holdings, Inc.^(b)		7,368		335,170
United Parcel Service, Inc., Class B		1,758		260,641
United Rentals, Inc.		567		393,084
Valmont Industries, Inc.		1,266		268,303

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
Veralto Corp.		3,659	$	316,211
Verisk Analytics, Inc.		1,178		284,958
Vertiv Holdings Co., Class A		8,512		575,581
Vestis Corp.		14,410		270,332
W.W. Grainger, Inc.		343		333,897
Wabtec Corp.		2,313		326,804
Waste Management, Inc.		6,493		1,335,285
Watsco, Inc.^(c)		689		271,549
WESCO International, Inc.		1,744		260,711
WillScot Mobile Mini Holdings Corp.^(b)(c)		6,890		328,998
Woodward, Inc.		2,079		294,158
XPO, Inc.^(b)(c)		3,414		410,773
Xylem, Inc.		2,614		332,109

				63,402,193

Information Technology-13.21%
Accenture PLC, Class A		827		309,943
Adobe, Inc.^(b)		629		352,416
Advanced Micro Devices, Inc.^(b)		2,993		576,242
Akamai Technologies, Inc.^(b)		3,306		366,702
Allegro MicroSystems, Inc. (Japan)^(b)(c)		14,310		450,622
Alteryx, Inc., Class A^(b)(c)		9,223		443,073
Amdocs Ltd.		4,470		407,664
Amphenol Corp., Class A		4,140		452,254
Analog Devices, Inc.		2,077		398,410
ANSYS, Inc.^(b)		1,337		446,785
Apple, Inc.		1,976		357,162
Applied Materials, Inc.		2,592		522,599
AppLovin Corp., Class A^(b)		10,412		621,805
Arista Networks, Inc.^(b)		12,364		3,431,505
Arrow Electronics, Inc.^(b)		3,214		377,645
Aspen Technology, Inc.^(b)(c)		1,963		380,606
Atlassian Corp., Class A^(b)(c)		2,045		424,174
Autodesk, Inc.^(b)		1,701		439,147
Avnet, Inc.		8,094		377,099
Bentley Systems, Inc., Class B^(c)		7,489		384,710
BILL Holdings, Inc.^(b)(c)		3,958		250,660
Broadcom, Inc.		421		547,506
Cadence Design Systems, Inc.^(b)		1,481		450,787
CCC Intelligent Solutions Holdings, Inc.^(b)(c)		33,352		390,552
CDW Corp.		1,797		442,439
Ciena Corp.^(b)		57,471		3,274,698
Cirrus Logic, Inc.^(b)		4,884		448,449
Cisco Systems, Inc.		55,165		2,668,331
Cloudflare, Inc., Class A^(b)		4,997		492,404
Cognex Corp.		7,169		282,817
Cognizant Technology Solutions Corp., Class A		5,454		430,975
Coherent Corp.^(b)		9,504		565,298
Confluent, Inc., Class A^(b)(c)		16,607		562,479
Corning, Inc.		13,264		427,631
Crane NXT Co.		5,338		311,846
CrowdStrike Holdings, Inc., Class A^(b)		1,599		518,316
Datadog, Inc., Class A^(b)		3,304		434,344
DocuSign, Inc.^(b)		8,098		431,380
Dolby Laboratories, Inc., Class A^(c)		4,307		348,867
DoubleVerify Holdings, Inc.^(b)(c)		11,696		361,289
Dropbox, Inc., Class A^(b)		13,876		332,330
DXC Technology Co.^(b)		16,070		351,290
Dynatrace, Inc.^(b)		7,036		348,634


	Shares		Value
Information Technology-(continued)
Elastic N.V.^(b)		3,361	$	449,735
Enphase Energy, Inc.^(b)		11,783		1,496,559
Entegris, Inc.		3,619		486,249
EPAM Systems, Inc.^(b)		1,449		441,076
F5, Inc.^(b)		2,250		421,245
Fair Isaac Corp.^(b)		250		317,478
First Solar, Inc.^(b)		8,750		1,346,538
Five9, Inc.^(b)(c)		4,795		292,495
Fortinet, Inc.^(b)		7,485		517,288
Gartner, Inc.^(b)		857		398,985
Gen Digital, Inc.		17,345		372,744
GitLab, Inc., Class A^(b)		6,528		470,799
GLOBALFOUNDRIES, Inc.^(b)(c)		7,285		398,271
Globant S.A.^(b)		1,708		381,174
GoDaddy, Inc., Class A^(b)		3,705		422,926
Guidewire Software, Inc.^(b)		3,885		463,636
HashiCorp, Inc., Class A^(b)		15,421		402,026
Hewlett Packard Enterprise Co.		23,524		358,271
HP, Inc.		12,898		365,400
HubSpot, Inc.^(b)		780		482,672
Informatica, Inc., Class A^(b)(c)		14,174		461,789
Intel Corp.		9,127		392,917
International Business Machines Corp.		2,383		440,927
Intuit, Inc.		673		446,125
IPG Photonics Corp.^(b)		3,796		327,785
Jabil, Inc.		3,297		475,065
Juniper Networks, Inc.		92,175		3,413,240
Keysight Technologies, Inc.^(b)		1,957		301,965
KLA Corp.		713		486,480
Kyndryl Holdings, Inc.^(b)		20,985		461,040
Lam Research Corp.		542		508,532
Lattice Semiconductor Corp.^(b)(c)		6,274		480,651
Littelfuse, Inc.		1,140		271,594
Lumentum Holdings, Inc.^(b)(c)		61,090		2,961,032
Manhattan Associates, Inc.^(b)		1,711		433,448
Marvell Technology, Inc.		7,335		525,626
Microchip Technology, Inc.		4,430		372,740
Micron Technology, Inc.		5,218		472,803
Microsoft Corp.		1,036		428,531
MKS Instruments, Inc.		3,307		405,967
MongoDB, Inc.^(b) .		999		447,132
Monolithic Power Systems, Inc.		677		487,467
Motorola Solutions, Inc.		8,233		2,720,101
nCino, Inc.^(b)(c)		12,979		387,293
NCR Voyix Corp.^(b)(c)		24,817		362,576
NetApp, Inc.		4,313		384,375
Nutanix, Inc., Class A^(b)		8,542		539,513
NVIDIA Corp.		820		648,718
Okta, Inc.^(b)		5,318		570,621
ON Semiconductor Corp.^(b)		5,014		395,705
Oracle Corp.		3,371		376,473
Palantir Technologies, Inc., Class A^(b)(c)		22,203		556,851
Palo Alto Networks, Inc.^(b)		1,308		406,199
Pegasystems, Inc.^(c)		7,406		481,686
Procore Technologies, Inc.^(b)		6,589		514,140
PTC, Inc.^(b)		2,336		427,511
Pure Storage, Inc., Class A^(b)		11,817		622,165
Qorvo, Inc.^(b)		3,828		438,497
QUALCOMM, Inc.		2,866		452,226
RingCentral, Inc., Class A^(b)(c)		11,753		392,785

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Roper Technologies, Inc.		722	$	393,295
Salesforce, Inc.^(b)		1,545		477,127
SentinelOne, Inc., Class A^(b)		16,410		462,270
ServiceNow, Inc.^(b)		553		426,551
Skyworks Solutions, Inc.		3,753		393,765
Smartsheet, Inc., Class A^(b)(c)		8,609		363,386
Snowflake, Inc., Class A^(b)		2,053		386,539
Splunk, Inc.^(b)		2,545		397,580
Synopsys, Inc.^(b)		723		414,807
TD SYNNEX Corp.		3,843		399,288
Teledyne Technologies, Inc.^(b)		682		291,398
Teradata Corp.^(b)		8,745		328,987
Teradyne, Inc.		4,147		429,588
Texas Instruments, Inc.		2,432		406,947
Trimble, Inc.^(b)		5,849		357,900
Twilio, Inc., Class A^(b)		5,526		329,294
Tyler Technologies, Inc.^(b)		954		417,032
Ubiquiti, Inc.^(c)		22,128		2,592,959
UiPath, Inc., Class A^(b)(c)		16,500		391,875
Unity Software, Inc.^(b)(c)		11,897		348,820
Universal Display Corp.^(c)		2,166		377,794
VeriSign, Inc.^(b)		1,779		347,421
Viasat, Inc.^(b)(c)		113,711		2,225,324
Vontier Corp.		8,039		345,677
Western Digital Corp.^(b)		8,128		483,372
Wolfspeed, Inc.^(b)(c)		9,498		247,138
Workday, Inc., Class A^(b)		1,407		414,587
Zebra Technologies Corp., Class A^(b)		1,180		329,786
Zoom Video Communications, Inc., Class A^(b)		5,344		377,981
Zscaler, Inc.^(b)(c)		1,915		463,373

				77,781,604

Materials-9.07%
Air Products and Chemicals, Inc.		4,942		1,156,626
Albemarle Corp.^(c)		10,326		1,423,439
Alcoa Corp.		51,925		1,412,879
Amcor PLC		28,345		256,806
AptarGroup, Inc.		2,164		303,955
Ardagh Group S.A., Class A^(b)(d)		13,287		62,549
Ardagh Metal Packaging S.A		69,568		228,183
Ashland, Inc.		15,501		1,451,514
Avery Dennison Corp.		6,674		1,445,121
Axalta Coating Systems Ltd.^(b)		8,373		274,048
Ball Corp.		4,779		305,952
Berry Global Group, Inc.		4,175		243,027
Celanese Corp.		9,132		1,387,790
CF Industries Holdings, Inc.		16,695		1,347,620
Chemours Co. (The)		44,922		883,616
Cleveland-Cliffs, Inc.^(b)		74,742		1,554,634
Corteva, Inc.		21,026		1,125,311
Crown Holdings, Inc.		3,072		235,377
Dow, Inc.		25,340		1,415,999
DuPont de Nemours, Inc.		3,877		268,250
Eagle Materials, Inc.		1,468		372,211
Eastman Chemical Co.		15,221		1,335,491
Ecolab, Inc.		6,745		1,516,546
Element Solutions, Inc.		62,609		1,471,311
FMC Corp.		23,384		1,318,624
Freeport-McMoRan, Inc.		35,606		1,346,263
Ginkgo Bioworks Holdings, Inc.^(b)(c)		331,103		503,277


	Shares		Value
Materials-(continued)
Graphic Packaging Holding Co.^(c)		11,668	$	302,785
Huntsman Corp.		51,475		1,317,760
International Flavors & Fragrances, Inc.		16,815		1,269,532
International Paper Co.		35,153		1,243,010
Linde PLC		3,249		1,458,216
Louisiana-Pacific Corp.		4,269		315,778
LyondellBasell Industries N.V., Class A		14,045		1,408,433
Martin Marietta Materials, Inc.		592		342,004
Mosaic Co. (The)		36,052		1,123,380
MP Materials Corp.^(b)(c)		79,251		1,205,408
NewMarket Corp.		2,379		1,526,533
Newmont Corp.		32,574		1,017,937
Nucor Corp.		7,938		1,526,477
Olin Corp.		26,075		1,402,835
Packaging Corp. of America		1,669		302,406
PPG Industries, Inc.		1,915		271,164
Reliance, Inc.		4,838		1,554,062
Royal Gold, Inc.^(c)		10,824		1,110,867
RPM International, Inc.^(c)		2,598		299,679
Scotts Miracle-Gro Co. (The)^(c)		21,023		1,381,211
Sealed Air Corp.		7,991		278,646
Sherwin-Williams Co. (The)		952		316,093
Silgan Holdings, Inc.		6,383		280,277
Sonoco Products Co.		4,982		282,380
Southern Copper Corp. (Mexico)^(c)		18,052		1,459,685
SSR Mining, Inc. (Canada)^(c)		113,632		488,618
Steel Dynamics, Inc.		11,319		1,514,709
United States Steel Corp.^(c)		36,018		1,705,092
Vulcan Materials Co.		1,292		343,478
Westlake Corp.		9,996		1,386,545
WestRock Co.		6,774		306,794

				53,388,213

Real Estate-8.75%
Agree Realty Corp.		13,245		727,813
Alexandria Real Estate Equities, Inc.^(c)		6,583		821,098
American Homes 4 Rent, Class A		23,170		857,522
American Tower Corp.		3,810		757,657
Americold Realty Trust, Inc.		28,333		716,825
Apartment Income REIT Corp.		24,554		744,477
AvalonBay Communities, Inc.		4,574		809,735
Boston Properties, Inc.		12,377		801,039
Brixmor Property Group, Inc.		35,436		801,208
Camden Property Trust		8,588		811,394
CBRE Group, Inc., Class A^(b)		9,714		892,619
CoStar Group, Inc.^(b)		9,715		845,496
Cousins Properties, Inc.		36,066		822,665
Crown Castle, Inc.		6,826		750,450
CubeSmart^(c)		19,197		837,181
Digital Realty Trust, Inc.^(c)		5,990		879,392
EastGroup Properties, Inc.		4,628		813,093
EPR Properties		17,647		724,939
Equinix, Inc.		989		879,043
Equity LifeStyle Properties, Inc.		11,300		760,716
Equity Residential		13,669		823,011
Essex Property Trust, Inc.		3,566		825,172
Extra Space Storage, Inc.		5,850		824,675
Federal Realty Investment Trust		8,101		816,986
First Industrial Realty Trust, Inc.^(c)		16,304		864,112
Gaming and Leisure Properties, Inc.		17,293		786,486

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate-(continued)
Healthcare Realty Trust, Inc.		51,006	$	702,863
Healthpeak Properties, Inc.		42,787		716,682
Highwoods Properties, Inc.^(c)		37,791		923,990
Host Hotels & Resorts, Inc.		45,017		933,653
Howard Hughes Holdings, Inc.^(b)(c)		10,676		815,646
Invitation Homes, Inc.		24,525		835,567
Iron Mountain, Inc.		12,244		962,868
Jones Lang LaSalle, Inc.^(b)		4,853		923,235
Kilroy Realty Corp.^(c)		20,814		788,642
Kimco Realty Corp.		39,834		787,120
Lamar Advertising Co., Class A		7,742		855,878
Medical Properties Trust, Inc.^(c)		167,470		705,049
Mid-America Apartment Communities, Inc.		6,309		792,915
National Storage Affiliates Trust		21,993		787,569
NET Lease Office Properties^(c)		42,003		1,024,453
NNN REIT, Inc.^(c)		19,418		790,118
Omega Healthcare Investors, Inc.		26,264		817,336
Park Hotels & Resorts, Inc.^(c)		53,388		886,241
Prologis, Inc.		6,735		897,573
Public Storage		2,947		836,565
Rayonier, Inc.		25,999		895,146
Realty Income Corp.		29,171		1,520,101
Regency Centers Corp.		12,643		783,234
Rexford Industrial Realty, Inc.^(c)		15,385		782,789
SBA Communications Corp., Class A		3,189		667,235
Simon Property Group, Inc.		6,109		904,987
STAG Industrial, Inc.		22,169		823,357
Sun Communities, Inc.		6,195		828,643
UDR, Inc.		22,938		814,299
Ventas, Inc.		17,346		733,562
VICI Properties, Inc.		26,310		787,458
Vornado Realty Trust^(c)		28,748		756,072
W.P. Carey, Inc.		12,538		706,266
Welltower, Inc.		9,168		844,923
Weyerhaeuser Co.		25,972		892,917
Zillow Group, Inc., Class C^(b)(c)		17,167		963,927

				51,483,683

Utilities-7.50%
AES Corp. (The)		61,800		939,360
Alliant Energy Corp.^(c)		21,658		1,034,169
Ameren Corp.		14,268		1,015,739
American Electric Power Co., Inc.		13,987		1,191,552
American Water Works Co., Inc.		8,470		1,004,034
Atmos Energy Corp.		9,804		1,106,970
Avangrid, Inc.		34,776		1,082,577
Brookfield Renewable Corp., Class A^(c)		40,961		971,595
CenterPoint Energy, Inc.		39,057		1,074,067
Clearway Energy, Inc., Class C		44,969		980,324
CMS Energy Corp.		19,356		1,110,454
Consolidated Edison, Inc.		12,144		1,059,078
Constellation Energy Corp		10,160		1,711,452
Dominion Energy, Inc.		23,745		1,135,723
DTE Energy Co.		10,458		1,133,124
Duke Energy Corp.		11,879		1,090,849


	Shares		Value
Utilities-(continued)
Edison International		16,688	$	1,135,118
Entergy Corp.		11,011		1,118,387
Essential Utilities, Inc.		30,907		1,074,945
Evergy, Inc.		21,711		1,075,563
Eversource Energy		18,593		1,091,409
Exelon Corp.		28,537		1,022,766
FirstEnergy Corp.		30,073		1,100,973
Hawaiian Electric Industries, Inc.		84,278		1,026,506
IDACORP, Inc.		11,188		985,775
National Fuel Gas Co.		22,156		1,079,883
NextEra Energy, Inc.		18,770		1,035,916
NiSource, Inc.		42,438		1,105,934
NRG Energy, Inc.		23,652		1,308,429
OGE Energy Corp.		31,526		1,037,521
PG&E Corp.		64,646		1,078,942
Pinnacle West Capital Corp.		14,767		1,009,029
PPL Corp.		43,053		1,135,308
Public Service Enterprise Group, Inc.		17,988		1,122,451
Sempra		15,367		1,084,910
Southern Co. (The)		15,659		1,053,068
UGI Corp.		49,133		1,202,776
Vistra Corp.		30,179		1,645,963
WEC Energy Group, Inc.		13,206		1,036,539
Xcel Energy, Inc.		18,256		961,909

				44,171,087

Total Common Stocks & Other Equity Interests (Cost $570,380,483)				587,904,431


Money Market Funds-0.00%
Invesco Government & Agency Portfolio,
Institutional Class, 5.24%^(e)(f) (Cost $8,920)		8,920		8,920

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-99.87% (Cost $570,389,403)				587,913,351

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.70%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		24,159,783		24,159,783
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		62,327,827		62,358,991

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $86,528,534)				86,518,774

TOTAL INVESTMENTS IN SECURITIES-114.57% (Cost $656,917,937)				674,432,125
OTHER ASSETS LESS LIABILITIES-(14.57)%				(85,792,472	)

NET ASSETS-100.00%			$	588,639,653

Investment Abbreviations:

REIT -Real Estate Investment Trust

Rts. -Rights

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Invesco Ltd.		$	406,995		$	54,391		$	(75,140	)		$	(12,439	)		$	(2,272	)		$	371,535		$	10,424

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			8,887,458			(8,878,538	)			-				-				8,920			6,302

Investments Purchasedwith Cash Collateral from Securities on Loan:

Invesco Private Government Fund			23,600,718			80,066,702			(79,507,637	)			-				-				24,159,783			654,854	*

Invesco Private Prime Fund			60,687,562			176,993,249			(175,355,100	)			(11,053	)			44,333				62,358,991			1,769,076	*


Total		$	84,695,275		$	266,001,800		$	(263,816,415	)		$	(23,492	)		$	42,061				$86,899,229		$	2,440,656

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			13.21

Industrials			10.77

Financials			10.50

Health Care			9.97

Materials			9.07

Consumer Staples			8.81

Real Estate			8.75

Energy			8.18

Utilities			7.50

Consumer Discretionary			7.24

Communication Services			5.87

Money Market Funds Plus Other Assets Less Liabilities			0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22

Invesco S&P 500^® Enhanced Value ETF (SPVU)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-4.16%
Fox Corp., Class A		5,528	$	164,679
Paramount Global, Class B^(b)		11,808		130,361
Verizon Communications, Inc.		103,661		4,148,513

				4,443,553

Consumer Discretionary-8.86%
Aptiv PLC^(c)		5,801		461,122
Best Buy Co., Inc.^(b)		4,870		393,886
BorgWarner, Inc.		7,517		234,004
Caesars Entertainment, Inc.^(c)		4,414		191,877
CarMax, Inc.^(b)(c)		4,415		348,785
D.R. Horton, Inc.		6,193		925,482
Ford Motor Co.		179,102		2,228,029
General Motors Co.		62,889		2,577,191
Lennar Corp., Class A		5,844		926,332
LKQ Corp.^(b)		5,343		279,385
Mohawk Industries, Inc.^(c)		926		109,842
PulteGroup, Inc.		5,217		565,418
Tapestry, Inc.		4,685		222,678

				9,464,031

Consumer Staples-4.11%
Archer-Daniels-Midland Co.		17,184		912,642
Bunge Global S.A.		6,152		580,564
Conagra Brands, Inc.		9,745		273,640
Kraft Heinz Co. (The)		19,124		674,695
Kroger Co. (The)		18,439		914,759
Molson Coors Beverage Co., Class B		3,717		232,015
Tyson Foods, Inc., Class A		7,985		433,106
Walgreens Boots Alliance, Inc.^(b)		17,450		370,987

				4,392,408

Energy-18.23%
APA Corp.		5,763		171,680
Chevron Corp.		33,667		5,117,721
Coterra Energy, Inc.^(b)		16,474		424,700
Devon Energy Corp.		13,422		591,373
Diamondback Energy, Inc.		3,728		680,434
EQT Corp.		10,766		399,957
Exxon Mobil Corp.^(b)		48,423		5,061,172
Marathon Oil Corp.		14,397		349,127
Marathon Petroleum Corp.		14,009		2,370,743
Phillips 66		15,609		2,224,439
Valero Energy Corp.		14,673		2,075,642

				19,466,988

Financials-41.28%
American International Group, Inc.		18,146		1,322,662
Assurant, Inc.^(b)		999		181,269
Bank of America Corp.		157,185		5,426,026
Bank of New York Mellon Corp. (The)^(b)		18,779		1,053,314
Berkshire Hathaway, Inc., Class B^(c)		13,617		5,574,800
Capital One Financial Corp.^(b)		10,907		1,500,912
Cincinnati Financial Corp.		3,425		390,450
Citigroup, Inc.		59,268		3,288,781
Citizens Financial Group, Inc.		14,189		445,393
Comerica, Inc.		3,419		168,830
Discover Financial Services		5,367		647,797


	Shares		Value
Financials-(continued)
Everest Group Ltd.		1,156	$	426,425
Fifth Third Bancorp		15,122		519,290
Franklin Resources, Inc.^(b)		6,226		170,904
Goldman Sachs Group, Inc. (The)		6,507		2,531,548
Hartford Financial Services Group, Inc. (The)		6,637		636,090
Huntington Bancshares, Inc.		39,075		509,538
Invesco Ltd.^(d)		11,971		184,473
JPMorgan Chase & Co.^(b)		30,700		5,712,042
KeyCorp		22,033		314,411
Loews Corp.		4,965		373,020
M&T Bank Corp.		4,804		671,311
PNC Financial Services Group, Inc. (The)^(b)		8,647		1,272,838
Principal Financial Group, Inc.		4,456		360,312
Prudential Financial, Inc.		7,817		851,975
Regions Financial Corp.		25,916		482,815
State Street Corp.		7,946		585,859
Synchrony Financial^(b)		11,783		486,638
Truist Financial Corp.		37,524		1,312,590
U.S. Bancorp		31,712		1,330,636
Wells Fargo & Co.^(b)		93,207		5,181,377
Zions Bancorporation N.A.^(b)		4,147		163,516

				44,077,842

Health Care-10.89%
Baxter International, Inc.		12,034		492,431
Cencora, Inc.		3,833		903,055
Centene Corp.^(c)		17,852		1,400,132
Cigna Group (The)		8,614		2,895,510
CVS Health Corp.		46,912		3,488,846
McKesson Corp.		3,236		1,687,283
Universal Health Services, Inc., Class B		1,505		251,425
Viatris, Inc.		41,635		515,025

				11,633,707

Industrials-5.03%
American Airlines Group, Inc.^(c)		18,824		295,160
Cummins, Inc.^(b)		2,537		681,464
Delta Air Lines, Inc.		19,916		841,849
Emerson Electric Co.		11,867		1,267,989
FedEx Corp.		4,283		1,066,339
Huntington Ingalls Industries, Inc.		663		193,344
Southwest Airlines Co.		12,248		419,739
United Airlines Holdings, Inc.^(b)(c)		13,255		602,970

				5,368,854

Information Technology-0.90%
Hewlett Packard Enterprise Co.		34,794		529,913
HP, Inc.		15,179		430,021

				959,934

Materials-5.19%
Albemarle Corp.^(b)		3,238		446,358
Celanese Corp.^(b)		2,163		328,711
CF Industries Holdings, Inc.^(b)		4,138		334,019
Dow, Inc.		12,650		706,882
DuPont de Nemours, Inc.		11,935		825,783
Eastman Chemical Co.		2,114		185,482
International Paper Co.		6,934		245,186
LyondellBasell Industries N.V., Class A		5,311		532,587

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		23

Invesco S&P 500^® Enhanced Value ETF (SPVU)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Materials-(continued)
Mosaic Co. (The)		10,565	$	329,206
Nucor Corp.		5,709		1,097,841
Steel Dynamics, Inc.^(b)		3,835		513,200

				5,545,255

Utilities-1.20%
Consolidated Edison, Inc.		6,327		551,778
Evergy, Inc.		4,317		213,864
Eversource Energy		6,363		373,508
Pinnacle West Capital Corp.		2,038		139,256

				1,278,406

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $104,118,969)				106,630,978


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.26%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		4,562,806	$	4,562,806
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		11,723,447		11,729,309

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,292,921)				16,292,115

TOTAL INVESTMENTS IN SECURITIES-115.11% (Cost $120,411,890)				122,923,093
OTHER ASSETS LESS LIABILITIES-(15.11)%				(16,135,127	)

NET ASSETS-100.00%			$	106,787,966

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income
Invesco Ltd.		$	189,002	$	36,406	$	(31,533	)		$	(2,150	)		$	(7,252	)		$	184,473	$	4,629
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-		1,373,514		(1,373,514	)			-				-				-		1,037
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			97,092		7,854,017		(3,388,303	)			-				-				4,562,806		8,783	*
Invesco Private Prime Fund			249,665		19,304,726		(7,824,008	)			(806	)			(268	)			11,729,309		22,386	*

Total		$	535,759	$	28,568,663	$	(12,617,358	)		$	(2,956	)		$	(7,520	)		$	16,476,588	$	36,835

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24

Invesco S&P 500^® Enhanced Value ETF (SPVU)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Financials			41.28

Energy			18.23

Health Care			10.89

Consumer Discretionary			8.86

Materials			5.19

Industrials			5.03

Communication Services			4.16

Consumer Staples			4.11

Sector Types Each Less Than 3%			2.10

Money Market Funds Plus Other Assets Less Liabilities			0.15

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		25

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.89%
Electronic Arts, Inc.		2,652	$	369,901
T-Mobile US,Inc.		2,509		409,720

				779,621

Consumer Discretionary-7.49%
Darden Restaurants, Inc.^(b)		2,504		427,458
LKQ Corp.		7,573		395,992
McDonald’s Corp.		1,912		558,839
O’Reilly Automotive, Inc.^(c)		344		374,072
Ross Stores, Inc.		2,508		373,592
TJX Cos., Inc. (The)		4,790		474,881
Yum! Brands, Inc.		3,544		490,561

				3,095,395

Consumer Staples-21.15%
Altria Group, Inc.		9,969		407,832
Church & Dwight Co., Inc.		4,028		403,283
Coca-Cola Co. (The)		9,534		572,231
Colgate-Palmolive Co.		5,813		502,941
Conagra Brands, Inc.		13,955		391,856
Constellation Brands, Inc., Class A .		1,683		418,259
General Mills, Inc.		6,397		410,559
Hershey Co. (The)		2,178		409,290
J.M. Smucker Co. (The)		2,833		340,442
Kellanova		7,850		432,927
Keurig Dr Pepper, Inc.		13,087		391,432
Kimberly-Clark Corp.		3,903		472,927
Kraft Heinz Co. (The)		12,281		433,274
Kroger Co. (The)		8,758		434,484
Mondelez International, Inc., Class A		5,708		417,084
PepsiCo, Inc.		2,909		480,974
Philip Morris International, Inc.		4,812		432,888
Procter & Gamble Co. (The)		3,063		486,833
Sysco Corp.		4,907		397,320
Walmart, Inc.		8,535		500,236

				8,737,072

Energy-2.03%
Kinder Morgan, Inc.		25,383		441,410
Williams Cos., Inc. (The)		11,049		397,101

				838,511

Financials-16.49%
Aflac, Inc.		4,725		381,497
Aon PLC, Class A		1,234		389,932
Arthur J. Gallagher & Co		1,655		403,704
Berkshire Hathaway, Inc., Class B^(c)		1,364		558,422
Brown & Brown, Inc.		4,633		390,145
Cboe Global Markets, Inc.		2,199		422,208
Chubb Ltd.		1,502		378,008
CME Group, Inc., Class A		1,949		429,462
FactSet Research Systems, Inc.		766		354,336
Globe Life, Inc.		3,267		414,680
Intercontinental Exchange, Inc.		3,206		443,775
JPMorgan Chase & Co.		2,056		382,539
Loews Corp.		5,743		431,472
Marsh & McLennan Cos., Inc.		2,294		464,007


	Shares		Value
Financials-(continued)
Mastercard, Inc., Class A		991	$	470,487
Visa, Inc., Class A^(b)		1,764		498,577

				6,813,251

Health Care-11.46%
Abbott Laboratories		3,285		389,732
AbbVie, Inc.		2,173		382,557
Becton, Dickinson and Co.		1,564		368,400
Boston Scientific Corp.^(c)		5,676		375,808
Bristol-Myers Squibb Co.		7,905		401,179
Cencora, Inc.		1,809		426,201
Hologic, Inc.^(c)		5,159		380,734
Johnson & Johnson		2,932		473,166
Laboratory Corp. of America Holdings		1,736		374,681
McKesson Corp.		719		374,894
Merck & Co., Inc.		3,108		395,182
Quest Diagnostics, Inc.		3,135		391,530

				4,734,064

Industrials-13.16%
AMETEK, Inc.		2,500		450,450
Automatic Data Processing, Inc.		1,489		373,933
Broadridge Financial Solutions, Inc.		1,952		397,388
Cintas Corp.		641		402,939
CSX Corp.		10,046		381,145
General Dynamics Corp.		1,508		412,061
Honeywell International, Inc.		2,167		430,648
IDEX Corp.		1,632		384,989
Illinois Tool Works, Inc.		1,460		382,739
Lockheed Martin Corp.		943		403,830
Republic Services, Inc.		2,880		528,768
Verisk Analytics, Inc.		1,522		368,172
Waste Management, Inc.		2,526		519,472

				5,436,534

Information Technology-8.46%
Amphenol Corp., Class A		3,800		415,112
Apple, Inc.		1,927		348,305
Cisco Systems, Inc.		7,255		350,924
International Business Machines Corp.		2,179		403,180
Motorola Solutions, Inc.		1,208		399,111
PTC, Inc.^(c)		2,005		366,935
Roper Technologies, Inc.		870		473,915
Teledyne Technologies, Inc.^(c)		829		354,207
VeriSign, Inc.^(c)		1,957		382,183

				3,493,872

Materials-2.02%
Ecolab, Inc.		1,832		411,907
Linde PLC		947		425,032

				836,939

Real Estate-1.82%
Realty Income Corp.		7,034		366,542
VICI Properties, Inc.^(b)		12,906		386,276

				752,818

Utilities-13.93%
Alliant Energy Corp.^(b)		7,702		367,770
Atmos Energy Corp.		3,575		403,653

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Utilities-(continued)
CenterPoint Energy, Inc.		13,709	$	376,997
CMS Energy Corp.		6,580		377,495
Consolidated Edison, Inc.		4,574		398,899
DTE Energy Co		3,627		392,985
Duke Energy Corp.		4,242		389,543
Entergy Corp.		3,640		369,715
FirstEnergy Corp.		10,156		371,811
PPL Corp.		15,337		404,437
Public Service Enterprise Group, Inc.		6,502		405,725
Sempra		5,415		382,299
Southern Co. (The)		5,981		402,222
WEC Energy Group, Inc.		4,698		368,746
Xcel Energy, Inc.		6,494		342,169

				5,754,466

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $38,499,798)				41,272,543


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.30%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		382,344	$	382,344
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		982,682		983,173

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,365,547)				1,365,517

TOTAL INVESTMENTS IN SECURITIES-103.20% (Cost $39,865,345)				42,638,060
OTHER ASSETS LESS LIABILITIES-(3.20)%				(1,323,276	)

NET ASSETS-100.00%			$	41,314,784

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	200,675	$	(200,675	)		$	-			$	-		$	-	$	187
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			31,992		6,909,480		(6,559,128	)			-				-			382,344		10,419	*
Invesco Private Prime Fund			84,005		12,570,363		(11,671,892	)			(22	)			719			983,173		27,019	*

Total		$	115,997	$	19,680,518	$	(18,431,695	)		$	(22	)		$	719		$	1,365,517	$	37,625

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		27

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Consumer Staples			21.15

Financials			16.49

Utilities			13.93

Industrials			13.16

Health Care			11.46

Information Technology			8.46

Consumer Discretionary			7.49

Sector Types Each Less Than 3%			7.76

Money Market Funds Plus Other Assets Less Liabilities			0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28

Invesco S&P 500^® High Beta ETF (SPHB)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-4.73%
Alphabet, Inc., Class C^(b)		29,386	$	4,107,575
Match Group, Inc.^(b)		110,240		3,973,049
Meta Platforms, Inc., Class A		11,414		5,594,344
Paramount Global, Class B^(c)		405,831		4,480,374
Warner Bros. Discovery, Inc.^(b)		538,097		4,729,873

				22,885,215

Consumer Discretionary-19.24%
Airbnb, Inc., Class A^(b)		33,256		5,236,822
Amazon.com, Inc.^(b)		26,039		4,602,654
Aptiv PLC^(b)		49,900		3,966,551
Caesars Entertainment, Inc.^(b)		150,158		6,527,368
CarMax, Inc.^(b)(c)		61,509		4,859,211
Carnival Corp.^(b)(c)		413,249		6,554,129
Etsy, Inc.^(b)(c)		68,756		4,929,118
Expedia Group, Inc.^(b)		29,828		4,081,067
Ford Motor Co.		319,337		3,972,552
General Motors Co.		101,784		4,171,108
Hasbro, Inc.^(c)		77,397		3,892,295
MGM Resorts International^(b)(c)		96,737		4,186,777
Mohawk Industries, Inc.^(b)		42,005		4,982,633
Norwegian Cruise Line Holdings Ltd.^(b)(c)		325,833		6,317,902
Pool Corp.^(c)		11,238		4,474,073
Royal Caribbean Cruises Ltd.^(b)		38,680		4,771,178
Tesla, Inc.^(b)		32,018		6,463,794
V.F. Corp.		309,935		5,064,338
Whirlpool Corp.		37,446		4,021,326

				93,074,896

Consumer Staples-0.85%
Estee Lauder Cos., Inc. (The), Class A		27,692		4,114,477

Financials-22.31%
Blackstone, Inc., Class A		40,968		5,236,530
Capital One Financial Corp.		29,587		4,071,467
Charles Schwab Corp. (The)		66,316		4,428,582
Citizens Financial Group, Inc.		173,631		5,450,277
Comerica, Inc.		136,991		6,764,616
Discover Financial Services		36,339		4,386,117
Fifth Third Bancorp		144,186		4,951,347
Franklin Resources, Inc.		157,879		4,333,779
Global Payments, Inc.		29,865		3,873,490
Huntington Bancshares, Inc.		364,940		4,758,818
Invesco Ltd.^(d)		296,473		4,568,649
KeyCorp		436,651		6,231,010
M&T Bank Corp.		33,284		4,651,106
MSCI, Inc.		6,754		3,788,791
Northern Trust Corp.		51,162		4,201,935
PayPal Holdings, Inc.^(b)		77,463		4,674,117
Regions Financial Corp.		261,284		4,867,721
Synchrony Financial		100,302		4,142,473
T. Rowe Price Group, Inc.		41,942		4,754,126
Truist Financial Corp.		152,704		5,341,586
U.S. Bancorp		131,510		5,518,160
Zions Bancorporation N.A.		176,200		6,947,566

				107,942,263

Health Care-6.60%
Align Technology, Inc.^(b)		20,881		6,314,832


	Shares		Value
Health Care-(continued)
Catalent, Inc.^(b)		69,063	$	3,960,072
Charles River Laboratories International, Inc.^(b)		18,389		4,674,300
IDEXX Laboratories, Inc.^(b)		7,738		4,451,130
Illumina, Inc.^(b)		30,459		4,259,082
Intuitive Surgical, Inc.^(b)		9,828		3,789,677
IQVIA Holdings, Inc.^(b)		18,211		4,501,031

				31,950,124

Industrials-10.77%
American Airlines Group, Inc.^(b)		288,999		4,531,504
Builders FirstSource, Inc.^(b)		28,150		5,494,317
Dayforce, Inc.^(b)(c)		66,925		4,668,688
Equifax, Inc.		16,466		4,504,933
Generac Holdings, Inc.^(b)		49,632		5,584,096
Paycom Software, Inc.		22,615		4,124,750
Pentair PLC		54,150		4,212,329
Rockwell Automation, Inc.		15,161		4,322,098
Stanley Black & Decker, Inc.		51,150		4,567,184
Uber Technologies, Inc.^(b)		59,429		4,724,605
United Rentals, Inc.		7,734		5,361,750

				52,096,254

Information Technology-28.71%
Adobe, Inc.^(b)		8,144		4,562,920
Advanced Micro Devices, Inc.^(b)		33,728		6,493,652
ANSYS, Inc.^(b)		11,344		3,790,824
Applied Materials, Inc.		27,149		5,473,781
Arista Networks, Inc.^(b)		16,340		4,535,004
Autodesk, Inc.^(b)		17,517		4,522,364
Broadcom, Inc.		3,592		4,671,360
Cadence Design Systems, Inc.^(b)		12,893		3,924,371
Enphase Energy, Inc.^(b)		52,925		6,722,004
EPAM Systems, Inc.^(b)		15,604		4,749,858
First Solar, Inc.^(b)		27,788		4,276,295
Gen Digital, Inc.		182,570		3,923,429
Intel Corp.		97,345		4,190,702
Intuit, Inc.		7,022		4,654,814
KLA Corp.		8,193		5,590,084
Lam Research Corp.		5,645		5,296,421
Microchip Technology, Inc.		56,754		4,775,282
Monolithic Power Systems, Inc.		9,272		6,676,211
NVIDIA Corp.		8,305		6,570,252
NXP Semiconductors N.V. (China)		21,067		5,261,062
ON Semiconductor Corp.^(b)		68,111		5,375,320
QUALCOMM, Inc.		28,240		4,455,990
ServiceNow, Inc.^(b)		5,780		4,458,345
Skyworks Solutions, Inc.		42,458		4,454,693
Teradyne, Inc.		50,696		5,251,599
Trimble, Inc.^(b)		74,316		4,547,396
Western Digital Corp.^(b)		67,927		4,039,619
Zebra Technologies Corp., Class A^(b)(c)		20,275		5,666,457

				138,910,109

Materials-3.06%
Albemarle Corp.^(c)		45,391		6,257,149
Celanese Corp.		28,652		4,354,245
Freeport-McMoRan, Inc.		110,544		4,179,669

				14,791,063

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		29

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate-2.89%
Alexandria Real Estate Equities, Inc.		35,041	$	4,370,664
Boston Properties, Inc.^(c)		78,790		5,099,289
CBRE Group, Inc., Class A^(b)		49,167		4,517,955

				13,987,908

Utilities-0.75%
AES Corp. (The)		240,107		3,649,626

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $504,497,431)				483,401,935


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.66%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		13,210,327		13,210,327


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		33,496,586	$	33,513,334

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $46,727,620)				46,723,661

TOTAL INVESTMENTS IN SECURITIES-109.57% (Cost $551,225,051)				530,125,596
OTHER ASSETS LESS LIABILITIES-(9.57)%				(46,320,665	)

NET ASSETS-100.00%			$	483,804,931

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Invesco Ltd.		$	6,037,819	$	3,718,317	$	(5,044,401	)		$	(40,684	)		$	(102,402	)		$	4,568,649	$	132,879

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-		2,868,619		(2,868,619	)			-				-				-		3,768

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,162,089		96,746,348		(103,698,110	)			-				-				13,210,327		411,489	*

Invesco Private Prime Fund			51,845,373		201,924,007		(220,279,797	)			(3,959	)			27,710				33,513,334		1,107,760	*


Total		$	78,045,281	$	305,257,291	$	(331,890,927	)		$	(44,643	)		$	(74,692	)		$	51,292,310	$	1,655,896

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		30

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			28.71

Financials			22.31

Consumer Discretionary			19.24

Industrials			10.77

Health Care			6.60

Communication Services			4.73

Materials			3.06

Sector Types Each Less Than 3%			4.49

Money Market Funds Plus Other Assets Less Liabilities			0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		31

Invesco S&P 500 High Dividend Growers ETF (DIVG)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.76%
Communication Services-2.98%
Comcast Corp., Class A		406	$	17,397
Interpublic Group of Cos., Inc. (The)		1,019		31,997
Omnicom Group, Inc.		352		31,113

				80,507

Consumer Discretionary-4.73%
Best Buy Co., Inc.		505		40,844
Garmin Ltd.		185		25,410
Lennar Corp., Class A		92		14,583
Starbucks Corp.		181		17,177
Whirlpool Corp.		279		29,962

				127,976

Consumer Staples-10.70%
Altria Group, Inc.		1,448		59,238
Campbell Soup Co.		662		28,228
Conagra Brands, Inc.		1,267		35,577
Dollar General Corp.		152		22,087
Hershey Co. (The)		83		15,597
Kenvue, Inc.		1,331		25,289
Kroger Co. (The)		410		20,340
Mondelez International, Inc., Class A		264		19,291
Procter & Gamble Co. (The)		128		20,344
Target Corp.		285		43,582

				289,573

Energy-7.30%
Chevron Corp.		151		22,953
Coterra Energy, Inc.		751		19,361
EOG Resources, Inc.		147		16,826
Hess Corp.		65		9,474
Kinder Morgan, Inc.		2,694		46,849
Phillips 66		211		30,069
Pioneer Natural Resources Co.		62		14,582
Williams Cos., Inc. (The)		1,045		37,557

				197,671

Financials-24.86%

American Express Co.		76		16,676
Bank of America Corp.		885		30,550
Bank of New York Mellon Corp. (The)		619		34,720
BlackRock, Inc.		36		29,208
Cboe Global Markets, Inc.		62		11,904
Charles Schwab Corp. (The)		250		16,695
Cincinnati Financial Corp.		197		22,458
Citigroup, Inc.		828		45,946
Discover Financial Services		250		30,175
Fifth Third Bancorp		1,448		49,724
Global Payments, Inc.		62		8,041
Goldman Sachs Group, Inc. (The)		75		29,179
Hartford Financial Services Group, Inc. (The)		237		22,714
JPMorgan Chase & Co.		133		24,746
M&T Bank Corp.		220		30,743
MarketAxess Holdings, Inc.		44		9,390
Morgan Stanley		347		29,856
Northern Trust Corp.		434		35,644
Prudential Financial, Inc.		374		40,762
Regions Financial Corp.		2,215		41,266


	Shares		Value
Financials-(continued)
State Street Corp.		418	$	30,819
Synchrony Financial		735		30,356
T. Rowe Price Group, Inc.		315		35,705
Willis Towers Watson PLC		57		15,539

				672,816

Health Care-8.21%
AbbVie, Inc.		182		32,041
Amgen, Inc.		79		21,633
Baxter International, Inc.		677		27,703
Bristol-Myers Squibb Co.		494		25,070
CVS Health Corp.		340		25,286
Medtronic PLC		346		28,842
Merck & Co., Inc.		192		24,413
Pfizer, Inc.		1,030		27,357
UnitedHealth Group, Inc.		20		9,872

				222,217

Industrials-2.93%
Fastenal Co.		312		22,779
General Dynamics Corp.		72		19,674
Norfolk Southern Corp.		94		23,818
PACCAR, Inc.		117		12,974

				79,245

Information Technology-8.82%
Analog Devices, Inc.		79		15,154
Cognizant Technology Solutions Corp., Class A		181		14,303
Corning, Inc.		892		28,758
Hewlett Packard Enterprise Co.		1,140		17,362
HP, Inc.		1,101		31,191
Juniper Networks, Inc.		844		31,253
Lam Research Corp.		13		12,197
Microchip Technology, Inc.		194		16,323
QUALCOMM, Inc.		179		28,244
Skyworks Solutions, Inc.		192		20,145
Texas Instruments, Inc.		142		23,761

				238,691

Real Estate-13.03%
Alexandria Real Estate Equities, Inc.		331		41,286
American Tower Corp.		167		33,210
Crown Castle, Inc.		497		54,640
Equity Residential		507		30,527
Extra Space Storage, Inc.		293		41,304
Invitation Homes, Inc.		689		23,474
Iron Mountain, Inc.		471		37,039
Mid-America Apartment Communities, Inc.		228		28,655
Public Storage		108		30,658
UDR, Inc.		896		31,808

				352,601

Utilities-16.20%
AES Corp. (The)		2,258		34,322
Alliant Energy Corp.		510		24,352
CMS Energy Corp.		474		27,193
Edison International		491		33,398
Entergy Corp.		337		34,229
Evergy, Inc.		657		32,548
Eversource Energy		541		31,757

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		32

Invesco S&P 500 High Dividend Growers ETF (DIVG)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Utilities-(continued)
FirstEnergy Corp.		895	$	32,766
NextEra Energy, Inc.		429		23,676
NiSource, Inc.		1,059		27,598
NRG Energy, Inc.		653		36,124
Public Service Enterprise Group, Inc.		449		28,018
Sempra		355		25,063
WEC Energy Group, Inc.		319		25,038
Xcel Energy, Inc.		422		22,235

				438,317

Total Common Stocks & Other Equity Interests (Cost $2,586,017)				2,699,614


	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(b)(c) (Cost $1,458)		1,458	$	1,458

TOTAL INVESTMENTS IN SECURITIES-99.81% (Cost $2,587,475)				2,701,072
OTHER ASSETS LESS LIABILITIES-0.19%				5,157

NET ASSETS-100.00%			$	2,706,229

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)


	Value August 31, 2023		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$-		$	12,781		$	(11,323	)		$	-		$	-		$	1,458		$	7

^(c)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Financials			24.86

Utilities			16.20

Real Estate			13.03

Consumer Staples			10.70

Information Technology			8.82

Health Care			8.21

Energy			7.30

Consumer Discretionary			4.73

Sector Types Each Less Than 3%			5.91

Money Market Funds Plus Other Assets Less Liabilities			0.24

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		33

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-7.00%
AT&T, Inc.		4,708,395	$	79,713,127
Omnicom Group, Inc.		431,871		38,173,078
Verizon Communications, Inc.		2,000,748		80,069,935

				197,956,140

Consumer Discretionary-2.17%
Best Buy Co., Inc.		760,869		61,539,085

Consumer Staples-15.56%
Altria Group, Inc.		2,078,333		85,024,603
Conagra Brands, Inc.		1,919,512		53,899,897
General Mills, Inc.		648,628		41,628,945
Hormel Foods Corp.^(b)		1,340,637		47,351,299
Kellanova		931,161		51,353,529
Kimberly-Clark Corp.		391,440		47,430,785
Kraft Heinz Co. (The)		1,398,087		49,324,509
Philip Morris International, Inc.		713,673		64,202,023

				440,215,590

Energy-10.93%
Chevron Corp.		332,389		50,526,452
Exxon Mobil Corp.		439,634		45,950,546
Kinder Morgan, Inc.		4,482,933		77,958,205
ONEOK, Inc.		937,883		70,453,771
Williams Cos., Inc. (The)		1,792,631		64,427,158

				309,316,132

Financials-2.11%
Prudential Financial, Inc.		547,359		59,656,657

Health Care-10.61%
AbbVie, Inc.		276,047		48,598,074
Bristol-Myers Squibb Co.		1,052,194		53,398,846
Gilead Sciences, Inc.		553,978		39,941,814
Medtronic PLC^(b)		468,824		39,081,169
Pfizer, Inc.		2,387,163		63,403,049
Viatris, Inc.		4,499,108		55,653,966

				300,076,918

Industrials-3.92%
3M Co.		698,753		64,369,126
United Parcel Service, Inc., Class B		313,127		46,424,209

				110,793,335

Information Technology-4.88%
Corning, Inc.		1,440,854		46,453,133
HP, Inc.		1,421,974		40,284,523
International Business Machines Corp.		277,196		51,289,576

				138,027,232

Materials-8.79%
Amcor PLC^(b)		6,528,623		59,149,324


	Shares		Value
Materials-(continued)
Dow, Inc.		1,141,703	$	63,798,364
International Paper Co.		1,678,821		59,363,111
LyondellBasell Industries N.V., Class A		660,254		66,210,271

				248,521,070

Real Estate-14.27%
Crown Castle, Inc.		611,121		67,186,643
Equity Residential		877,352		52,825,364
Federal Realty Investment Trust		494,996		49,920,346
Realty Income Corp.		1,152,524		60,058,026
Simon Property Group, Inc.		439,127		65,052,274
UDR, Inc.		1,388,076		49,276,698
VICI Properties, Inc.		1,980,249		59,268,852

				403,588,203

Utilities-19.63%
American Electric Power Co., Inc.		641,183		54,622,380
Dominion Energy, Inc.		1,527,374		73,054,298
Duke Energy Corp.		526,479		48,346,567
Edison International^(b)		764,119		51,975,374
Entergy Corp.		524,891		53,313,179
Evergy, Inc.		1,145,262		56,736,280
Eversource Energy		978,961		57,465,011
Exelon Corp.		1,400,222		50,183,956
FirstEnergy Corp.		1,425,817		52,199,160
Pinnacle West Capital Corp.		841,787		57,519,306

				555,415,511

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $2,978,989,561)				2,825,105,873


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.73%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		13,723,584		13,723,584
Invesco Private Prime Fund, 5.49%^(c)(d)(e)		35,271,582		35,289,218

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $49,016,264)				49,012,802

TOTAL INVESTMENTS IN SECURITIES-101.60% (Cost $3,028,005,825)				2,874,118,675
OTHER ASSETS LESS LIABILITIES-(1.60)%				(45,350,665	)

NET ASSETS-100.00%			$	2,828,768,010

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		34

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	31,283,798		$	(31,283,798	)		$	-			$	-		$	-		$	21,383

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			28,958,085			323,768,217			(339,002,718	)			-				-			13,723,584			570,469	*

Invesco Private Prime Fund			74,463,646			593,647,295			(632,840,404	)			(1,106	)			19,787			35,289,218			1,555,671	*


Total		$	103,421,731		$	948,699,310		$	(1,003,126,920	)		$	(1,106	)		$	19,787		$	49,012,802		$	2,147,523

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(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. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Utilities			19.63

Consumer Staples			15.56

Real Estate			14.27

Energy			10.93

Health Care			10.61

Materials			8.79

Communication Services			7.00

Information Technology			4.88

Industrials			3.92

Sector Types Each Less Than 3%			4.28

Money Market Funds Plus Other Assets Less Liabilities			0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		35

Invesco S&P 500^® Low Volatility ETF (SPLV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.88%
Electronic Arts, Inc.		515,738	$	71,935,136
T-Mobile US, Inc.		488,173		79,718,651

				151,653,787

Consumer Discretionary-6.57%
Darden Restaurants, Inc.^(b)		486,796		83,100,945
LKQ Corp.^(b)		1,472,699		77,007,431
McDonald’s Corp.		372,004		108,729,329
O’Reilly Automotive, Inc.^(c)		66,950		72,802,769
TJX Cos., Inc. (The)		931,384		92,337,410
Yum! Brands, Inc.^(b)		689,425		95,430,208

				529,408,092

Consumer Staples-22.15%
Altria Group, Inc.		1,938,689		79,311,767
Church & Dwight Co., Inc.^(b)		783,156		78,409,579
Coca-Cola Co. (The)		1,854,065		111,280,981
Colgate-Palmolive Co.		1,130,327		97,795,892
Conagra Brands, Inc.^(b)		2,713,933		76,207,239
Constellation Brands, Inc., Class A		327,348		81,352,525
Costco Wholesale Corp.		114,313		85,036,297
General Mills, Inc.		1,244,035		79,842,166
Hershey Co. (The)		423,680		79,617,945
J.M. Smucker Co. (The)		550,829		66,193,121
Kellanova		1,526,625		84,193,369
Keurig Dr Pepper, Inc.		2,545,121		76,124,569
Kimberly-Clark Corp.		759,187		91,990,689
Kraft Heinz Co. (The)		2,388,211		84,256,084
Kroger Co. (The)^(b)		1,703,239		84,497,687
Mondelez International, Inc., Class A		1,110,001		81,107,773
PepsiCo, Inc.		565,670		93,527,878
Philip Morris International, Inc.		936,034		84,205,619
Procter & Gamble Co. (The)		595,664		94,674,836
Sysco Corp.		954,438		77,280,845
Walmart, Inc.		1,659,357		97,254,914

				1,784,161,775

Energy-2.03%
Kinder Morgan, Inc.		4,936,711		85,849,404
Williams Cos., Inc. (The)		2,148,920		77,232,185

				163,081,589

Financials-17.29%
Aflac, Inc.		919,146		74,211,848
Aon PLC, Class A		240,127		75,877,731
Arthur J. Gallagher & Co.		321,761		78,487,161
Berkshire Hathaway, Inc., Class B^(c)		265,308		108,617,095
Brown & Brown, Inc.^(b)		900,869		75,862,179
Cboe Global Markets, Inc.		427,780		82,133,760
Chubb Ltd.		292,183		73,533,696
CME Group, Inc., Class A		379,172		83,550,550
FactSet Research Systems, Inc.		148,949		68,900,828
Globe Life, Inc.^(b)		635,268		80,634,567
Intercontinental Exchange, Inc.		623,612		86,320,373
JPMorgan Chase & Co.		399,752		74,377,857
Loews Corp.^(b)		1,117,015		83,921,337
Marsh & McLennan Cos., Inc.		446,071		90,226,781
Mastercard, Inc., Class A		192,935		91,597,821


	Shares		Value
Financials-(continued)
Moody’s Corp.		177,991	$	67,533,345
Visa, Inc., Class A^(b)		343,253		97,017,028

				1,392,803,957

Health Care-11.43%
Abbott Laboratories^(b)		638,923		75,801,825
AbbVie, Inc.		422,678		74,412,462
Becton, Dickinson and Co.		304,017		71,611,204
Boston Scientific Corp.^(c)		1,103,925		73,090,874
Bristol-Myers Squibb Co.		1,537,482		78,027,212
Cencora, Inc.^(b)		351,686		82,857,222
Hologic, Inc.^(c)		1,003,419		74,052,322
Johnson & Johnson		570,053		91,995,153
Laboratory Corp. of America Holdings		337,468		72,835,719
McKesson Corp.		139,662		72,821,163
Merck & Co., Inc.		604,649		76,881,120
Quest Diagnostics, Inc.		609,670		76,141,686

				920,527,962

Industrials-14.13%
AMETEK, Inc.		486,117		87,588,561
Automatic Data Processing, Inc.		289,791		72,775,214
Broadridge Financial Solutions, Inc.		379,566		77,272,046
Cintas Corp.		124,834		78,471,901
CSX Corp.		1,953,683		74,122,733
General Dynamics Corp.^(b)		293,327		80,151,603
Honeywell International, Inc.		421,530		83,770,657
IDEX Corp.^(b)		317,237		74,836,208
Illinois Tool Works, Inc.^(b)		283,840		74,408,656
Lockheed Martin Corp.		183,265		78,481,403
Otis Worldwide Corp.		843,964		80,429,769
Republic Services, Inc.		560,113		102,836,747
Verisk Analytics, Inc.		295,934		71,586,435
Waste Management, Inc.		491,353		101,046,744

				1,137,778,677

Information Technology-7.58%
Amphenol Corp., Class A		739,064		80,735,351
Apple, Inc.		374,931		67,768,778
Cisco Systems, Inc.		1,410,783		68,239,574
International Business Machines Corp.		423,926		78,439,028
Motorola Solutions, Inc.		234,892		77,605,968
PTC, Inc.^(c)		390,060		71,384,881
Roper Technologies, Inc.		169,220		92,179,210
VeriSign, Inc.^(c)		380,665		74,340,068

				610,692,858

Materials-2.02%
Ecolab, Inc.		356,555		80,167,826
Linde PLC		184,201		82,673,093

				162,840,919

Real Estate-1.82%
Realty Income Corp.		1,368,047		71,288,929
VICI Properties, Inc.		2,509,962		75,123,163

				146,412,092

Utilities-13.00%
Alliant Energy Corp.^(b)		1,498,054		71,532,079
Atmos Energy Corp.^(b)		695,180		78,492,774

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		36

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Utilities-(continued)
CenterPoint Energy, Inc.^(b)		2,666,056	$	73,316,540
CMS Energy Corp.^(b)		1,279,431		73,400,956
Consolidated Edison, Inc.		889,582		77,580,446
DTE Energy Co.		705,442		76,434,641
Duke Energy Corp.		825,022		75,761,770
FirstEnergy Corp.^(b)		1,974,901		72,301,126
PPL Corp.		2,982,609		78,651,399
Public Service Enterprise Group, Inc.		1,264,720		78,918,528
Sempra		1,053,316		74,364,110
Southern Co. (The)		1,163,153		78,222,039
WEC Energy Group, Inc.		913,627		71,710,583
Xcel Energy, Inc.		1,262,875		66,540,884

				1,047,227,875

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $7,786,442,451)				8,046,589,583


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.21%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		49,881,530	$	49,881,530
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		128,083,166		128,147,208

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $178,040,090)				178,028,738

TOTAL INVESTMENTS IN SECURITIES-102.11% (Cost $7,964,482,541)				8,224,618,321
OTHER ASSETS LESS LIABILITIES-(2.11)%				(169,717,113	)

NET ASSETS-100.00%			$	8,054,901,208

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	48,421,495	$	(48,421,495	)		$	-			$	-		$	-	$	36,208

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			62,523,071		333,638,911		(346,280,452	)			-				-			49,881,530		1,347,323	*

Invesco Private Prime Fund			160,773,612		805,234,489		(837,933,260	)			(10,563	)			82,930			128,147,208		3,615,135	*


Total		$	223,296,683	$	1,187,294,895	$	(1,232,635,207	)		$	(10,563	)		$	82,930		$	178,028,738	$	4,998,666

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		37

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Consumer Staples			22.15

Financials			17.29

Industrials			14.13

Utilities			13.00

Health Care			11.43

Information Technology			7.58

Consumer Discretionary			6.57

Sector Types Each Less Than 3%			7.75

Money Market Funds Plus Other Assets Less Liabilities			0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		38

Invesco S&P 500 Minimum Variance ETF (SPMV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-5.32%
AT&T, Inc.		11,843	$	200,502
T-Mobile US, Inc.		1,287		210,167
Verizon Communications, Inc.		1,372		54,907

				465,576

Consumer Discretionary-9.10%
Amazon.com, Inc.^(b)		1,279		226,076
Home Depot, Inc. (The)		530		201,723
Lowe’s Cos., Inc.^(c)		536		128,999
McDonald’s Corp.		252		73,655
Tesla, Inc.^(b)		397		80,146
TJX Cos., Inc. (The)		858		85,062

				795,661

Consumer Staples-10.03%
Archer-Daniels-Midland Co.		419		22,253
General Mills, Inc.		2,513		161,284
Hershey Co. (The)		627		117,826
Hormel Foods Corp.		1,246		44,009
J.M. Smucker Co. (The)		246		29,562
Kellanova		308		16,986
McCormick & Co., Inc.		1,077		74,162
Mondelez International, Inc., Class A		2,484		181,506
Procter & Gamble Co. (The)		1,027		163,232
Tyson Foods, Inc., Class A		1,226		66,498

				877,318

Energy-0.51%
Chevron Corp.		106		16,113
Exxon Mobil Corp.		276		28,848

				44,961

Financials-18.44%
Allstate Corp. (The)		351		55,992
American International Group, Inc.		996		72,599
Aon PLC, Class A		498		157,363
Arthur J. Gallagher & Co.		758		184,899
Bank of America Corp.		716		24,716
Berkshire Hathaway, Inc., Class B^(b)		478		195,693
Chubb Ltd.		857		215,681
Cincinnati Financial Corp.		115		13,110
JPMorgan Chase & Co.		274		50,981
M&T Bank Corp.		710		99,215
Marsh & McLennan Cos., Inc.^(c)		890		180,020
Progressive Corp. (The)		1,283		243,206
Travelers Cos., Inc. (The)		542		119,760

				1,613,235

Health Care-18.08%
Abbott Laboratories		1,704		202,163
Amgen, Inc.^(c)		652		178,537
Becton, Dickinson and Co.		76		17,902
Bristol-Myers Squibb Co.		983		49,887
Eli Lilly and Co.		291		219,321
Incyte Corp.^(b)		265		15,465
Intuitive Surgical, Inc.^(b)		186		71,722
Medtronic PLC		1,623		135,293
Merck & Co., Inc.		1,625		206,619
Pfizer, Inc.^(c)		5,018		133,278


	Shares		Value
Health Care-(continued)
Regeneron Pharmaceuticals, Inc.^(b)		66	$	63,762
Vertex Pharmaceuticals, Inc.^(b)		502		211,211
Zoetis, Inc.		384		76,159

				1,581,319

Industrials-3.26%
Automatic Data Processing, Inc.		315		79,106
Boeing Co. (The)^(b)		62		12,631
Republic Services, Inc.		410		75,276
Rollins, Inc.		103		4,539
RTX Corp.		196		17,575
Verisk Analytics, Inc.		397		96,034

				285,161

Information Technology-24.67%
Accenture PLC, Class A		256		95,944
Adobe, Inc.^(b)		308		172,566
Apple, Inc.		946		170,989
Broadcom, Inc.		9		11,704
Cadence Design Systems, Inc.^(b)		28		8,523
Cisco Systems, Inc.		2,251		108,881
Intuit, Inc.		292		193,564
Microsoft Corp.		519		214,679
NVIDIA Corp.		364		287,968
Oracle Corp.		1,388		155,012
QUALCOMM, Inc.		1,510		238,263
Salesforce, Inc.^(b)		780		240,880
Synopsys, Inc.^(b)		225		129,089
Trimble, Inc.^(b)		1,063		65,045
VeriSign, Inc.^(b)		329		64,250

				2,157,357

Real Estate-4.01%
American Tower Corp.^(c)		972		193,292
Crown Castle, Inc.		1,428		156,994

				350,286

Utilities-6.51%
Dominion Energy, Inc.		1,047		50,078
Duke Energy Corp.		1,980		181,824
NextEra Energy, Inc.		2,627		144,984
Sempra		1,683		118,820
Southern Co. (The)		1,101		74,042

				569,748

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral froms ecurities on loan)-99.93% (Cost $8,241,609)				8,740,622


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.04%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		196,832		196,832

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		39

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		505,887	$	506,140

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $703,013)				702,972

TOTAL INVESTMENTS IN SECURITIES-107.97% (Cost $8,944,622)				9,443,594
OTHER ASSETS LESS LIABILITIES-(7.97)%				(697,066	)

NET ASSETS-100.00%			$	8,746,528

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 February 29, 2024.

^(d)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$-	$	237,995	$	(237,995	)		$	-			$	-			$	-	$	152

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		-		529,996		(333,164	)			-				-				196,832		423	*

Invesco Private Prime Fund		-		738,137		(231,942	)			(41	)			(14	)			506,140		1,122	*


Total		$-	$	1,506,128	$	(803,101	)		$	(41	)		$	(14	)		$	702,972	$	1,697

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		40

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			24.67

Financials			18.44

Health Care			18.08

Consumer Staples			10.03

Consumer Discretionary			9.10

Utilities			6.51

Communication Services			5.32

Real Estate			4.01

Industrials			3.26

Energy			0.51

Money Market Funds Plus Other Assets Less Liabilities			0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		41

Invesco S&P 500^® Momentum ETF (SPMO)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-15.32%
Meta Platforms, Inc., Class A		171,842	$	84,224,919
Netflix, Inc.^(b)		41,519		25,032,636
Omnicom Group, Inc.		10,244		905,467

				110,163,022

Consumer Discretionary-7.71%
Booking Holdings, Inc.^(b)		2,997		10,396,083
BorgWarner, Inc.		15,027		467,790
Carnival Corp.^(b)		79,269		1,257,206
D.R. Horton, Inc.		27,109		4,051,169
Darden Restaurants, Inc.^(c)		10,474		1,788,017
Las Vegas Sands Corp.		24,079		1,312,787
Lennar Corp., Class A		19,249		3,051,159
Marriott International, Inc., Class A		13,349		3,335,515
MGM Resorts International^(b)(c)		20,456		885,336
Norwegian Cruise Line Holdings Ltd.^(b)(c)		28,968		561,689
NVR, Inc.^(b)		239		1,822,511
O’Reilly Automotive, Inc.^(b)(c)		4,483		4,874,904
PulteGroup, Inc.		25,083		2,718,496
Ralph Lauren Corp.^(c)		2,190		407,165
Ross Stores, Inc.		25,099		3,738,747
Royal Caribbean Cruises Ltd.^(b)		26,940		3,323,049
TJX Cos., Inc. (The)		107,750		10,682,335
Wynn Resorts Ltd.		7,531		792,261

				55,466,219

Consumer Staples-3.21%
J.M. Smucker Co. (The)		5,569		669,227
Lamb Weston Holdings, Inc.		10,256		1,048,266
Mondelez International, Inc., Class A		74,623		5,452,703
Walmart, Inc.		271,473		15,911,032

				23,081,228

Energy-2.31%
Baker Hughes Co., Class A		60,764		1,798,007
Hess Corp.		14,040		2,046,330
Marathon Petroleum Corp.		27,983		4,735,563
Phillips 66		22,336		3,183,103
Schlumberger N.V.		100,135		4,839,525

				16,602,528

Financials-7.55%
Aflac, Inc.^(c)		36,235		2,925,614
Ameriprise Financial, Inc.^(c)		5,607		2,284,068
Arch Capital Group Ltd.^(b)		42,250		3,700,677
Arthur J. Gallagher & Co.		11,469		2,797,633
Everest Group Ltd.		2,975		1,097,418
JPMorgan Chase & Co.		223,097		41,509,428

				54,314,838

Health Care-17.17%
Boston Scientific Corp.^(b)		96,939		6,418,331
Cardinal Health, Inc.		27,906		3,124,914
Cencora, Inc.		12,108		2,852,645
DexCom, Inc.^(b)		23,562		2,711,279
Eli Lilly and Co.		60,620		45,688,082
Gilead Sciences, Inc.		80,495		5,803,690
HCA Healthcare, Inc.^(c)		11,730		3,656,241
IDEXX Laboratories, Inc.^(b)		4,762		2,739,245


	Shares		Value
Health Care-(continued)
Intuitive Surgical, Inc.^(b)		21,780	$	8,398,368
McKesson Corp.		6,520		3,399,593
Merck & Co., Inc.		150,281		19,108,229
Regeneron Pharmaceuticals, Inc.^(b)		5,040		4,869,094
Stryker Corp.		21,554		7,523,855
Vertex Pharmaceuticals, Inc.^(b)		13,452		5,659,794
Zimmer Biomet Holdings, Inc.		12,222		1,519,928

				123,473,288

Industrials-15.94%
AMETEK, Inc.		15,331		2,762,340
Axon Enterprise, Inc.^(b)(c)		5,583		1,716,047
Boeing Co. (The)^(b)		39,712		8,090,129
Carrier Global Corp.		62,383		3,467,247
Caterpillar, Inc.		31,750		10,603,230
Copart, Inc.^(b)(c)		63,715		3,386,452
Cummins, Inc.^(c)		6,735		1,809,088
Deere & Co.		14,599		5,329,365
Delta Air Lines, Inc.		42,970		1,816,342
Eaton Corp. PLC		29,927		8,648,903
General Electric Co.		123,841		19,429,415
Howmet Aerospace, Inc.		28,118		1,871,253
Illinois Tool Works, Inc.^(c)		17,395		4,560,099
Ingersoll Rand, Inc.		22,920		2,093,284
Johnson Controls International PLC		39,301		2,329,370
Old Dominion Freight Line, Inc.		4,981		2,203,993
PACCAR, Inc.		46,600		5,167,474
Parker-Hannifin Corp.		9,447		5,058,396
Pentair PLC^(c)		11,146		867,047
Quanta Services, Inc.^(c)		11,183		2,700,806
Rockwell Automation, Inc.^(c)		6,720		1,915,738
Snap-on, Inc.		2,827		779,291
Trane Technologies PLC		15,608		4,400,988
TransDigm Group, Inc.		4,665		5,494,157
United Airlines Holdings, Inc.^(b)(c)		20,452		930,361
United Rentals, Inc.		4,097		2,840,327
W.W. Grainger, Inc.^(c)		2,938		2,860,025
Wabtec Corp.		10,314		1,457,265

				114,588,432

Information Technology-25.70%
Applied Materials, Inc.		46,884		9,452,752
Broadcom, Inc.		40,807		53,069,095
Fair Isaac Corp.^(b)		2,216		2,814,121
First Solar, Inc.^(b)(c)		10,229		1,574,141
Gartner, Inc.^(b)(c)		4,959		2,308,712
Lam Research Corp.		7,118		6,678,463
Microchip Technology, Inc.		28,968		2,437,367
NVIDIA Corp.		103,034		81,512,258
ON Semiconductor Corp.^(b)(c)		26,943		2,126,342
Oracle Corp.		149,378		16,682,535
Palo Alto Networks, Inc.^(b)(c)		19,783		6,143,611

				184,799,397

Materials-3.80%
Air Products and Chemicals, Inc.		12,096		2,830,948
DuPont de Nemours, Inc.		25,089		1,735,908
Freeport-McMoRan, Inc.^(c)		74,733		2,825,655
Linde PLC		32,677		14,666,091

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		42

Invesco S&P 500^® Momentum ETF (SPMO)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Materials-(continued)
Martin Marietta Materials, Inc.		3,240	$	1,871,780
Steel Dynamics, Inc.^(c)		7,866		1,052,628
Vulcan Materials Co.		8,724		2,319,276

				27,302,286

Real Estate-0.19%
Iron Mountain, Inc.^(c)		16,803		1,321,388

Utilities-1.08%
Constellation Energy Corp.		23,938		4,032,356
PG&E Corp.		225,190		3,758,421

				7,790,777

Total Common Stocks & Other Equity Interests (Cost $622,912,259)				718,903,403


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e) (Cost $606,952)		606,952		606,952

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $623,519,211)				719,510,355


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.64%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		5,338,021	$	5,338,021
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		13,635,081		13,641,899

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,980,084)				18,979,920

TOTAL INVESTMENTS IN SECURITIES-102.70% (Cost $642,499,295)				738,490,275
OTHER ASSETS LESS LIABILITIES-(2.70)%				(19,424,404	)

NET ASSETS-100.00%			$	719,065,871

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,825,800		$	(3,218,848	)		$	-			$	-			$	606,952		$	3,005

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			14,074,445			(8,736,424	)			-				-				5,338,021			12,667	*

Invesco Private Prime Fund			-			38,518,444			(24,875,203	)			(164	)			(1,178	)			13,641,899			30,783	*


Total		$	-		$	56,418,689		$	(36,830,475	)		$	(164	)		$	(1,178	)		$	19,586,872		$	46,455

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		43

Invesco S&P 500^® Momentum ETF (SPMO)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			25.70

Health Care			17.17

Industrials			15.94

Communication Services			15.32

Consumer Discretionary			7.71

Financials			7.55

Materials			3.80

Consumer Staples			3.21

Sector Types Each Less Than 3%			3.58

Money Market Funds Plus Other Assets Less Liabilities			0.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		44

Invesco S&P 500 QVM Multi-factor ETF (QVML)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-9.58%
Alphabet, Inc., Class C^(b)		252,718	$	35,324,922
AT&T, Inc.		158,459		2,682,711
Charter Communications, Inc., Class A^(b)(c)		2,556		751,285
Comcast Corp., Class A		93,701		4,015,088
Electronic Arts, Inc.		5,629		785,133
Fox Corp., Class A		8,650		257,684
Interpublic Group of Cos., Inc. (The)		8,821		276,979
Live Nation Entertainment, Inc.^(b)		3,291		319,161
Meta Platforms, Inc., Class A		52,058		25,515,188
Netflix, Inc.^(b)		10,670		6,433,156
News Corp., Class A		11,340		304,819
Omnicom Group, Inc.		4,574		404,296
Paramount Global, Class B^(c)		11,281		124,542
T-Mobile US, Inc.		11,336		1,851,169
Verizon Communications, Inc.		94,866		3,796,537
Walt Disney Co. (The)		41,999		4,686,249
Warner Bros. Discovery, Inc.^(b)		48,094		422,746

				87,951,665

Consumer Discretionary-8.53%
Airbnb, Inc., Class A^(b)(c)		9,014		1,419,435
Amazon.com, Inc.^(b)		208,526		36,859,056
Aptiv PLC^(b)		6,556		521,136
Bath & Body Works, Inc.		4,557		208,255
Best Buy Co., Inc.^(c)		4,151		335,733
Booking Holdings, Inc.^(b)		813		2,820,159
BorgWarner, Inc.		5,288		164,615
Caesars Entertainment, Inc.^(b)		4,961		215,655
CarMax, Inc.^(b)(c)		3,349		264,571
Carnival Corp.^(b)		19,675		312,045
Chipotle Mexican Grill, Inc.^(b)		624		1,677,792
D.R. Horton, Inc.		6,586		984,212
Darden Restaurants, Inc.^(c)		2,670		455,796
eBay, Inc.		11,910		563,105
Expedia Group, Inc.^(b)		3,061		418,806
Ford Motor Co.		85,512		1,063,769
Garmin Ltd.		3,377		463,831
General Motors Co.		29,941		1,226,982
Genuine Parts Co.		3,098		462,407
Home Depot, Inc. (The)		21,898		8,334,598
Las Vegas Sands Corp.		8,610		469,417
Lennar Corp., Class A		5,403		856,430
LKQ Corp.		5,802		303,387
Lowe’s Cos., Inc.		12,642		3,042,550
lululemon athletica, Inc.^(b)		2,547		1,189,678
Marriott International, Inc., Class A		5,627		1,406,018
MGM Resorts International^(b)		6,388		276,473
Mohawk Industries, Inc.^(b)		1,239		146,970
NIKE, Inc., Class B		26,373		2,740,946
NVR, Inc.^(b)		73		556,667
O’Reilly Automotive, Inc.^(b)		1,364		1,483,241
Pool Corp.		901		358,706
PulteGroup, Inc.		4,749		514,697
Ralph Lauren Corp.		919		170,860
Ross Stores, Inc.		7,616		1,134,479
Royal Caribbean Cruises Ltd.^(b)		4,933		608,486
Tapestry, Inc.		5,182		246,300


	Shares		Value
Consumer Discretionary-(continued)
TJX Cos., Inc. (The)		25,929	$	2,570,601
Tractor Supply Co.^(c)		2,387		607,062
Ulta Beauty, Inc.^(b)		958		525,520
Whirlpool Corp.		1,240		133,164
Wynn Resorts Ltd.		2,238		235,438

				78,349,048

Consumer Staples-5.57%
Altria Group, Inc.		40,600		1,660,946
Archer-Daniels-Midland Co.		12,240		650,066
Bunge Global S.A .		3,389		319,820
Campbell Soup Co.^(c)		4,136		176,359
Church & Dwight Co., Inc.		5,773		577,993
Coca-Cola Co. (The)		87,961		5,279,419
Conagra Brands, Inc.		10,423		292,678
Constellation Brands, Inc., Class A		3,744		930,459
Costco Wholesale Corp.		9,802		7,291,610
Dollar Tree, Inc.^(b)		4,640		680,595
General Mills, Inc.		12,812		822,274
Hershey Co. (The)		3,351		629,720
Hormel Foods Corp.		6,302		222,587
J.M. Smucker Co. (The)		2,231		268,099
Kellanova		6,023		332,168
Kenvue, Inc.		41,188		782,572
Keurig Dr Pepper, Inc.		22,347		668,399
Kimberly-Clark Corp.		7,677		930,222
Kraft Heinz Co. (The)		17,540		618,811
Kroger Co. (The)		15,013		744,795
Lamb Weston Holdings, Inc.		3,285		335,760
McCormick & Co., Inc.		5,444		374,874
Molson Coors Beverage Co., Class B		4,153		259,230
Mondelez International, Inc., Class A		30,742		2,246,318
Monster Beverage Corp.^(b)		17,120		1,011,792
PepsiCo, Inc.		31,353		5,183,905
Procter & Gamble Co. (The)		56,232		8,937,514
Sysco Corp.		11,293		914,394
Target Corp.		10,586		1,618,811
Tyson Foods, Inc., Class A		6,036		327,393
Walgreens Boots Alliance, Inc.		15,137		321,813
Walmart, Inc.		98,022		5,745,069

				51,156,465

Energy-4.09%
APA Corp.		7,057		210,228
Baker Hughes Co., Class A		24,228		716,907
Chevron Corp.		40,522		6,159,749
ConocoPhillips		28,358		3,191,409
Coterra Energy, Inc.		19,482		502,246
Devon Energy Corp.		15,088		664,777
Diamondback Energy, Inc.		4,272		779,725
EOG Resources, Inc.		13,568		1,552,993
EQT Corp.		8,868		329,446
Exxon Mobil Corp.		95,529		9,984,691
Halliburton Co.		21,645		759,090
Hess Corp.		6,445		939,359
Kinder Morgan, Inc.		44,035		765,769
Marathon Oil Corp.		14,838		359,821
Marathon Petroleum Corp.		9,459		1,600,747
Occidental Petroleum Corp.		15,419		934,546

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		45

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Energy-(continued)
ONEOK, Inc.		13,265	$	996,467
Phillips 66		10,407		1,483,102
Pioneer Natural Resources Co.		5,512		1,296,367
Schlumberger N.V.		34,111		1,648,585
Targa Resources Corp.		5,745		564,389
Valero Energy Corp.		8,187		1,158,133
Williams Cos., Inc. (The)		27,828		1,000,138

				37,598,684

Financials-13.25%
Aflac, Inc.		12,501		1,009,331
Allstate Corp. (The)		5,890		939,573
American Express Co.		13,379		2,935,620
American International Group, Inc.		16,036		1,168,864
Ameriprise Financial, Inc.		2,381		969,924
Arch Capital Group Ltd.^(b)		9,262		811,259
Arthur J. Gallagher & Co.		5,022		1,225,016
Assurant, Inc.		1,277		231,712
Bank of America Corp.		156,478		5,401,621
Bank of New York Mellon Corp. (The)		17,959		1,007,320
Berkshire Hathaway, Inc., Class B^(b)		42,320		17,325,808
BlackRock, Inc.		3,225		2,616,571
Blackstone, Inc., Class A		16,136		2,062,504
Brown & Brown, Inc.		5,511		464,081
Capital One Financial Corp.		8,442		1,161,704
Cboe Global Markets, Inc.		2,541		487,872
Chubb Ltd.		9,508		2,392,878
Cincinnati Financial Corp.		3,494		398,316
Citigroup, Inc.		42,031		2,332,300
Citizens Financial Group, Inc.		10,666		334,806
CME Group, Inc., Class A		8,296		1,828,024
Comerica, Inc.		2,755		136,042
Discover Financial Services		5,217		629,692
Everest Group Ltd.		1,024		377,733
FactSet Research Systems, Inc.		899		415,859
Fifth Third Bancorp.		14,838		509,537
Fiserv, Inc.^(b)		13,716		2,047,387
FLEETCOR Technologies, Inc.^(b)		1,649		460,516
Franklin Resources, Inc.^(c)		6,322		173,539
Global Payments, Inc.		5,757		746,683
Globe Life, Inc.		1,979		251,194
Goldman Sachs Group, Inc. (The)		7,469		2,905,814
Hartford Financial Services Group, Inc. (The)		6,921		663,309
Huntington Bancshares, Inc.		31,372		409,091
Intercontinental Exchange, Inc.		13,046		1,805,827
Invesco Ltd.^(d)		9,862		151,973
Jack Henry & Associates, Inc.		1,571		272,993
JPMorgan Chase & Co.		66,033		12,286,100
KeyCorp.		19,274		275,040
Loews Corp.		4,383		329,295
M&T Bank Corp.		3,761		525,562
MarketAxess Holdings, Inc.		792		169,021
Marsh & McLennan Cos., Inc.		11,413		2,308,508
Mastercard, Inc., Class A		19,019		9,029,460
MetLife, Inc.		14,329		999,304
Moody’s Corp.		3,485		1,322,279
Morgan Stanley		28,899		2,486,470
Nasdaq, Inc.^(c)		7,717		433,695
Northern Trust Corp.		4,740		389,296
PayPal Holdings, Inc.^(b)		24,098		1,454,073


	Shares		Value
Financials-(continued)
PNC Financial Services Group, Inc. (The)		8,683	$	1,278,138
Principal Financial Group, Inc.		5,105		412,790
Progressive Corp. (The)		13,476		2,554,511
Prudential Financial, Inc.		8,192		892,846
Raymond James Financial, Inc.		4,332		521,226
Regions Financial Corp.		20,544		382,735
S&P Global, Inc.		7,410		3,174,296
State Street Corp.		7,362		542,800
Synchrony Financial		8,929		368,768
T. Rowe Price Group, Inc.		5,137		582,279
Travelers Cos., Inc. (The)		5,130		1,133,525
Truist Financial Corp.		29,366		1,027,223
U.S. Bancorp.		34,430		1,444,683
Visa, Inc., Class A^(c)		36,943		10,441,570
W.R. Berkley Corp.		4,740		396,264
Wells Fargo & Co.		83,087		4,618,806
Willis Towers Watson PLC		2,490		678,799
Zions Bancorporation N.A.		3,129		123,376

				121,645,031

Health Care-12.40%
Abbott Laboratories		39,084		4,636,926
AbbVie, Inc.		38,900		6,848,345
Agilent Technologies, Inc.		6,632		910,971
Align Technology, Inc.^(b)		1,583		478,731
Amgen, Inc.		12,131		3,321,832
Baxter International, Inc.		11,520		471,398
Becton, Dickinson and Co.		6,635		1,562,874
Biogen, Inc.^(b)		3,300		716,067
Bio-Rad Laboratories, Inc., Class A^(b)		490		159,681
Boston Scientific Corp.^(b)		33,844		2,240,811
Bristol-Myers Squibb Co.		46,861		2,378,196
Cardinal Health, Inc.		5,720		640,526
Catalent, Inc.^(b)		4,177		239,509
Cencora, Inc.		3,838		904,233
Centene Corp.^(b)		11,954		937,552
Charles River Laboratories International, Inc.^(b)		1,153		293,081
Cigna Group (The)		6,855		2,304,240
Cooper Cos., Inc. (The)		4,580		428,688
CVS Health Corp.		26,912		2,001,445
Danaher Corp.		15,053		3,810,516
DaVita, Inc.^(b)		1,187		150,713
DENTSPLY SIRONA, Inc.		4,869		159,119
Edwards Lifesciences Corp.^(b)		13,495		1,145,321
Elevance Health, Inc.		5,346		2,679,682
Eli Lilly and Co.		18,209		13,723,759
GE HealthCare Technologies, Inc.		8,905		812,848
Gilead Sciences, Inc.		27,243		1,964,220
HCA Healthcare, Inc.		4,541		1,415,430
Henry Schein, Inc.^(b)		2,782		212,740
Hologic, Inc.^(b)		5,826		429,959
Humana, Inc.		2,763		967,934
IDEXX Laboratories, Inc.^(b)		1,672		961,785
Incyte Corp.^(b)		4,419		257,893
Intuitive Surgical, Inc.^(b)		7,974		3,074,774
IQVIA Holdings, Inc.^(b)		4,186		1,034,612
Johnson & Johnson		53,897		8,697,898
Laboratory Corp. of America Holdings		2,059		444,394
McKesson Corp.		3,149		1,641,920

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		46

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Health Care-(continued)
Medtronic PLC		30,101	$	2,509,219
Merck & Co., Inc.		55,804		7,095,479
Molina Healthcare, Inc.^(b)		1,307		514,840
Quest Diagnostics, Inc.		2,647		330,584
Regeneron Pharmaceuticals, Inc.^(b)		2,381		2,300,260
Revvity, Inc.		2,741		300,386
STERIS PLC		2,272		529,172
Stryker Corp.		7,882		2,751,370
Teleflex, Inc.		1,057		235,489
Thermo Fisher Scientific, Inc.		8,794		5,014,163
UnitedHealth Group, Inc.		21,223		10,475,673
Universal Health Services, Inc., Class B		1,494		249,588
Vertex Pharmaceuticals, Inc.^(b)		5,962		2,508,452
Viatris, Inc.		27,161		335,982
Waters Corp.^(b)		1,302		439,321
West Pharmaceutical Services, Inc.		1,662		595,594
Zimmer Biomet Holdings, Inc.		4,739		589,342
Zoetis, Inc.		10,112		2,005,513

				113,841,050

Industrials-8.28%
A.O. Smith Corp.		2,755		228,389
Allegion PLC		1,948		249,091
American Airlines Group, Inc.^(b)(c)		13,666		214,283
AMETEK, Inc.		5,256		947,026
Automatic Data Processing, Inc.		9,243		2,321,195
Axon Enterprise, Inc.^(b)		1,546		475,194
Broadridge Financial Solutions, Inc.		2,751		560,049
C.H. Robinson Worldwide, Inc.		2,537		187,941
Carrier Global Corp.^(c)		18,587		1,033,065
Caterpillar, Inc.		11,308		3,776,420
Cintas Corp.		1,977		1,242,762
Copart, Inc.^(b)		20,731		1,101,853
CSX Corp.		43,805		1,661,962
Cummins, Inc.		3,057		821,141
Dayforce, Inc.^(b)(c)		3,519		245,485
Deere & Co.		6,163		2,249,803
Delta Air Lines, Inc.		13,817		584,045
Dover Corp.		3,128		517,309
Eaton Corp. PLC		9,068		2,620,652
Emerson Electric Co.		13,110		1,400,803
Equifax, Inc.		2,710		741,429
Expeditors International of Washington, Inc.		3,362		402,095
Fastenal Co.		12,515		913,720
FedEx Corp.		5,090		1,267,257
Fortive Corp.		7,963		677,890
Generac Holdings, Inc.^(b)		1,349		151,776
General Dynamics Corp.		5,043		1,378,000
General Electric Co.		25,077		3,934,331
Honeywell International, Inc.		14,919		2,964,853
Howmet Aerospace, Inc.		8,911		593,027
Hubbell, Inc.		1,201		457,185
Huntington Ingalls Industries, Inc.		902		263,041
IDEX Corp.		1,710		403,389
Illinois Tool Works, Inc.		6,119		1,604,096
Ingersoll Rand, Inc.		9,652		881,517
J.B. Hunt Transport Services, Inc.		1,822		375,897
Jacobs Solutions, Inc.		2,835		415,753
Johnson Controls International PLC		14,798		877,077
L3Harris Technologies, Inc.		4,102		868,229


	Shares		Value
Industrials-(continued)
Leidos Holdings, Inc.		3,079	$	393,681
Lockheed Martin Corp.		5,071		2,171,605
Masco Corp.		4,865		373,437
Nordson Corp.		1,209		321,171
Norfolk Southern Corp.		4,923		1,247,390
Northrop Grumman Corp.		3,196		1,473,420
Old Dominion Freight Line, Inc.		2,137		945,580
Otis Worldwide Corp.		9,201		876,855
PACCAR, Inc.		11,479		1,272,906
Parker-Hannifin Corp.		2,901		1,553,340
Paychex, Inc.		7,118		872,809
Paycom Software, Inc.		1,031		188,044
Pentair PLC		3,603		280,277
Quanta Services, Inc.		3,278		791,670
Republic Services, Inc.		4,588		842,357
Robert Half, Inc.		2,309		185,644
Rockwell Automation, Inc.		2,572		733,226
Rollins, Inc.		6,278		276,671
RTX Corp.		32,502		2,914,454
Snap-on, Inc.		1,171		322,798
Southwest Airlines Co.		12,338		422,823
Stanley Black & Decker, Inc.		3,390		302,693
Textron, Inc.		4,659		414,977
Trane Technologies PLC		5,072		1,430,152
TransDigm Group, Inc.		1,251		1,473,353
Union Pacific Corp.		13,351		3,387,015
United Airlines Holdings, Inc.^(b)		7,404		336,808
United Parcel Service, Inc., Class B		16,010		2,373,643
United Rentals, Inc.		1,528		1,059,317
Veralto Corp.		5,067		437,890
Verisk Analytics, Inc.		3,363		813,510
W.W. Grainger, Inc.		992		965,672
Wabtec Corp.		3,955		558,802
Waste Management, Inc.^(c)		8,226		1,691,677
Xylem, Inc.		5,403		686,451

				76,001,148

Information Technology-31.76%
Accenture PLC, Class A		14,207		5,324,499
Adobe, Inc.^(b)		10,607		5,942,890
Advanced Micro Devices, Inc.^(b)		37,982		7,312,674
Akamai Technologies, Inc.^(b)		3,620		401,530
Amphenol Corp., Class A		13,330		1,456,169
Analog Devices, Inc.		11,537		2,213,027
ANSYS, Inc.^(b)		2,058		687,722
Apple, Inc.		329,908		59,630,871
Applied Materials, Inc.		19,708		3,973,527
Arista Networks, Inc.^(b)		5,837		1,620,001
Autodesk, Inc.^(b)		4,786		1,235,602
Broadcom, Inc.		10,235		13,310,515
Cadence Design Systems, Inc.^(b)		6,522		1,985,166
CDW Corp.		2,985		734,937
Cisco Systems, Inc.		93,646		4,529,657
Cognizant Technology Solutions Corp., Class A		11,406		901,302
Corning, Inc.		17,425		561,782
EPAM Systems, Inc.^(b)		1,287		391,763
F5, Inc.^(b)		1,462		273,716
First Solar, Inc.^(b)		2,640		406,270
Fortinet, Inc.^(b)		14,964		1,034,162

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		47

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Gartner, Inc.^(b)		1,762	$	820,317
Hewlett Packard Enterprise Co.		31,169		474,704
HP, Inc.		20,255		573,824
Intel Corp.		102,774		4,424,421
International Business Machines Corp.		20,441		3,782,198
Intuit, Inc.		6,387		4,233,878
Juniper Networks, Inc.		7,184		266,023
Keysight Technologies, Inc.^(b)		3,951		609,639
KLA Corp.		3,200		2,183,360
Lam Research Corp.		3,116		2,923,587
Microchip Technology, Inc.		12,308		1,035,595
Micron Technology, Inc.		25,848		2,342,087
Microsoft Corp.		173,493		71,763,644
Monolithic Power Systems, Inc.		1,064		766,123
Motorola Solutions, Inc.		3,799		1,255,152
NetApp, Inc.		4,884		435,262
NVIDIA Corp.		57,676		45,628,637
NXP Semiconductors N.V. (China)		5,775		1,442,191
ON Semiconductor Corp.^(b)		9,562		754,633
Oracle Corp.		36,994		4,131,490
Palo Alto Networks, Inc.^(b)		7,110		2,208,010
PTC, Inc.^(b)		2,663		487,356
Qorvo, Inc.^(b)		2,345		268,620
QUALCOMM, Inc.		25,118		3,963,369
Roper Technologies, Inc.		2,405		1,310,076
Salesforce, Inc.^(b)		22,303		6,887,612
ServiceNow, Inc.^(b)		4,605		3,552,021
Skyworks Solutions, Inc.		3,481		365,226
Synopsys, Inc.^(b)		3,545		2,033,873
TE Connectivity Ltd.		7,123		1,022,578
Teledyne Technologies, Inc.^(b)		1,069		456,752
Teradyne, Inc.		3,644		377,482
Texas Instruments, Inc.		20,135		3,369,190
Trimble, Inc.^(b)		5,487		335,750
Tyler Technologies, Inc.^(b)		950		415,283
Western Digital Corp.^(b)		8,127		483,313
Zebra Technologies Corp., Class A^(b)(c)		1,160		324,197

				291,635,255

Materials-2.46%
Air Products and Chemicals, Inc.		5,197		1,216,306
Albemarle Corp.^(c)		2,732		376,606
Amcor PLC		33,838		306,572
Avery Dennison Corp.		1,768		382,825
Ball Corp.		6,892		441,226
Celanese Corp.		2,152		327,039
CF Industries Holdings, Inc.^(c)		4,431		357,670
Corteva, Inc.		16,466		881,260
Dow, Inc.		16,395		916,153
DuPont de Nemours, Inc.		10,299		712,588
Eastman Chemical Co.		2,647		232,248
Ecolab, Inc.		5,933		1,333,976
Freeport-McMoRan, Inc.		33,441		1,264,404
International Flavors & Fragrances, Inc.		5,741		433,445
International Paper Co.		7,638		270,080
Linde PLC		11,420		5,125,524
LyondellBasell Industries N.V., Class A		5,964		598,070
Martin Marietta Materials, Inc.		1,441		832,480
Mosaic Co. (The)		7,691		239,652
Newmont Corp.		26,456		826,750


	Shares		Value
Materials-(continued)
Nucor Corp.		5,894	$	1,133,416
Packaging Corp. of America		2,104		381,224
PPG Industries, Inc.		5,300		750,480
Sherwin-Williams Co. (The)		5,198		1,725,892
Steel Dynamics, Inc.		3,583		479,477
Vulcan Materials Co.		3,056		812,438
WestRock Co.		5,464		247,465

				22,605,266

Real Estate-1.87%
Alexandria Real Estate Equities, Inc.^(c)		3,175		396,018
AvalonBay Communities, Inc.^(c)		3,167		560,654
Boston Properties, Inc.^(c)		2,937		190,083
CBRE Group, Inc., Class A^(b)		7,008		643,965
CoStar Group, Inc.^(b)		9,034		786,229
Digital Realty Trust, Inc.^(c)		7,008		1,028,844
Equinix, Inc.		2,150		1,910,963
Equity Residential		7,628		459,282
Essex Property Trust, Inc.^(c)		1,462		338,307
Federal Realty Investment Trust		1,678		169,226
Host Hotels & Resorts, Inc.^(c)		16,051		332,898
Invitation Homes, Inc.^(c)		13,544		461,444
Iron Mountain, Inc.		6,459		507,936
Kimco Realty Corp.		13,739		271,483
Mid-America Apartment Communities, Inc.		2,625		329,910
Prologis, Inc.		20,216		2,694,186
Public Storage		3,429		973,390
Realty Income Corp.		15,841		825,474
Regency Centers Corp.		3,365		208,462
Simon Property Group, Inc.		7,071		1,047,498
UDR, Inc.		6,612		234,726
Ventas, Inc.		8,850		374,266
VICI Properties, Inc.^(c)		22,664		678,334
Welltower, Inc.		12,782		1,177,989
Weyerhaeuser Co.		16,765		576,381

				17,177,948

Utilities-2.11%
Alliant Energy Corp.^(c)		5,707		272,509
Ameren Corp.		5,852		416,604
American Electric Power Co., Inc.		11,555		984,370
American Water Works Co., Inc.		4,389		520,272
Atmos Energy Corp.		3,283		370,684
CenterPoint Energy, Inc.		14,615		401,912
CMS Energy Corp.		6,537		375,028
Consolidated Edison, Inc.		7,671		668,988
Constellation Energy Corp.		7,826		1,318,290
DTE Energy Co.		4,547		492,667
Duke Energy Corp.		17,161		1,575,895
Edison International^(c)		8,832		600,753
Entergy Corp.		4,591		466,308
Evergy, Inc.		5,198		257,509
Eversource Energy		7,921		464,963
Exelon Corp.		22,042		789,985
FirstEnergy Corp.		11,531		422,150
NextEra Energy, Inc.		44,575		2,460,094
NiSource, Inc.		9,500		247,570
NRG Energy, Inc.		5,550		307,026
PG&E Corp.		47,210		787,935
Pinnacle West Capital Corp.		2,683		183,329
PPL Corp.		16,833		443,886

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		48

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Utilities-(continued)
Public Service Enterprise Group, Inc.		11,274	$	703,498
.Sempra		14,237		1,005,132
Southern Co. (The)		24,268		1,632,023
WEC Energy Group, Inc.		7,180		563,558
Xcel Energy, Inc.		12,274		646,717

				19,379,655

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $744,116,741)				917,341,215

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.54%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		3,953,691		3,953,691


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		10,160,438	$	10,165,518

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,120,210)				14,119,209

TOTAL INVESTMENTS IN SECURITIES-101.44% (Cost $758,236,951)				931,460,424
OTHER ASSETS LESS LIABILITIES-(1.44)%				(13,246,331	)

NET ASSETS-100.00%			$	918,214,093

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Invesco Ltd.		$	165,664		$	808		$	(10,437	)		$	(3,505	)		$	(557	)		$	151,973		$	4,054

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			9,011,660			(9,011,660	)			-				-				-			10,794

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			4,093,256			24,465,227			(24,604,792	)			-				-				3,953,691			130,119	*

Invesco Private Prime Fund			10,525,517			54,950,705			(55,317,364	)			(1,001	)			7,661				10,165,518			350,160	*


Total		$	14,784,437		$	88,428,400		$	(88,944,253	)		$	(4,506	)		$	7,104			$	14,271,182		$	495,127

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		49

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			31.76

Financials			13.25

Health Care			12.40

Communication Services			9.58

Consumer Discretionary			8.53

Industrials			8.28

Consumer Staples			5.57

Energy			4.09

Sector Types Each Less Than 3%			6.44

Money Market Funds Plus Other Assets Less Liabilities			0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		50

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-1.53%
Cable One, Inc.		575	$	262,200
Frontier Communications Parent, Inc.^(b)(c)		27,031		640,094
New York Times Co. (The), Class A		20,199		894,412
Nexstar Media Group, Inc., Class A		4,144		688,608
TEGNA, Inc.		25,635		359,146
TKO Group Holdings, Inc.^(c)		7,850		657,281
Ziff Davis, Inc.^(b)(c)		5,876		404,034
ZoomInfo Technologies, Inc., Class A^(b)		35,138		588,913

				4,494,688

Consumer Discretionary-15.69%
Adient PLC^(b)		11,386		386,441
Aramark		33,137		1,005,045
Autoliv, Inc. (Sweden)		9,708		1,126,419
AutoNation, Inc.^(b)		3,336		499,733
Boyd Gaming Corp.		8,816		583,002
Brunswick Corp.^(c)		8,300		725,420
Capri Holdings Ltd.^(b)		14,559		671,607
Carter’s, Inc.		4,426		358,285
Columbia Sportswear Co.		4,229		349,696
Crocs, Inc.^(b)		7,974		974,821
Deckers Outdoor Corp.^(b)		3,163		2,832,751
Dick’s Sporting Goods, Inc.		7,456		1,326,348
Five Below, Inc.^(b)		6,580		1,320,474
Floor & Decor Holdings, Inc., Class A^(b)(c)		12,287		1,488,201
Fox Factory Holding Corp.^(b)(c)		5,261		266,154
GameStop Corp., Class A^(b)(c)		32,662		466,087
Gap, Inc. (The)		25,416		481,379
Gentex Corp.		29,216		1,067,260
Goodyear Tire & Rubber Co. (The)^(b)		35,753		424,746
Graham Holdings Co., Class B		453		318,155
Grand Canyon Education, Inc.^(b)		3,654		492,559
H&R Block, Inc.		19,080		933,966
Harley-Davidson, Inc.		15,356		556,962
Helen of Troy Ltd.^(b)(c)		2,839		354,875
Hilton Grand Vacations, Inc.^(b)(c)		8,368		375,556
Hyatt Hotels Corp., Class A		5,541		851,042
KB Home		9,060		601,856
Lear Corp.		7,045		967,631
Leggett & Platt, Inc.		14,621		298,561
Light & Wonder, Inc.^(b)		12,009		1,207,025
Lithia Motors, Inc., Class A		3,412		1,020,393
Macy’s, Inc.		32,799		572,015
Marriott Vacations Worldwide Corp.		4,138		385,620
Mattel, Inc.^(b)(c)		44,770		881,969
Murphy USA, Inc.		2,510		1,046,695
Nordstrom, Inc.^(c)		12,377		259,546
Ollie’s Bargain Outlet Holdings, Inc.^(b)		7,445		596,866
PENN Entertainment, Inc.^(b)(c)		19,418		355,349
Penske Automotive Group, Inc.		2,425		372,238
Polaris, Inc.		6,181		573,041
PVH Corp.		7,299		997,554
Service Corp. International^(c)		17,919		1,311,492
Skechers U.S.A., Inc., Class A^(b)		16,578		1,024,686
Taylor Morrison Home Corp., Class A^(b)		13,132		743,403
Tempur Sealy International, Inc.		18,967		1,033,132
Texas Roadhouse, Inc.		8,297		1,239,323


	Shares		Value
Consumer Discretionary-(continued)
Thor Industries, Inc.^(c)		6,278	$	804,714
Toll Brothers, Inc.		13,330		1,528,151
TopBuild Corp.^(b)		3,751		1,509,327
Travel + Leisure Co.		8,809		393,674
Under Armour, Inc., Class A^(b)(c)		45,924		411,479
Vail Resorts, Inc.^(c)		4,969		1,144,410
Valvoline, Inc.^(b)		16,812		716,864
Visteon Corp.^(b)		3,468		392,300
Wendy’s Co. (The)		20,520		371,617
Williams-Sonoma, Inc.^(c)		7,806		1,838,547
Wyndham Hotels & Resorts, Inc.		10,525		805,689
YETI Holdings, Inc.^(b)(c)		10,227		419,716

				46,061,867

Consumer Staples-4.79%
BellRing Brands, Inc.^(b)		15,995		910,915
BJ’s Wholesale Club Holdings, Inc.^(b)		17,066		1,246,501
Boston Beer Co., Inc. (The), Class A^(b)		1,223		376,855
Casey’s General Stores, Inc.		4,731		1,440,542
Celsius Holdings, Inc.^(b)(c)		17,999		1,469,079
Coca-Cola Consolidated, Inc.		545		458,236
Coty, Inc., Class A^(b)		43,914		551,560
Darling Ingredients, Inc.^(b)		19,203		812,479
Flowers Foods, Inc.		22,939		514,292
Grocery Outlet Holding Corp.^(b)		12,133		312,910
Ingredion, Inc.		7,963		936,688
Lancaster Colony Corp.		2,586		535,095
Performance Food Group Co.^(b)		19,712		1,513,290
Pilgrim’s Pride Corp.^(b)		4,873		155,156
Post Holdings, Inc.^(b)		6,168		642,459
Sprouts Farmers Market, Inc.^(b)(c)		11,987		748,468
US Foods Holding Corp.^(b)		28,569		1,451,020

				14,075,545

Energy-5.91%
Antero Midstream Corp.		44,838		600,829
Antero Resources Corp.^(b)		38,071		978,425
ChampionX Corp.^(c)		25,335		786,905
Chesapeake Energy Corp.^(c)		15,459		1,279,696
Chord Energy Corp.		5,391		875,768
Civitas Resources, Inc.^(c)		11,071		760,356
CNX Resources Corp.^(b)(c)		21,184		443,805
DT Midstream, Inc.		12,410		715,188
Equitrans Midstream Corp.		51,251		547,873
HF Sinclair Corp.		20,104		1,115,772
Matador Resources Co.		14,897		940,746
Murphy Oil Corp.		19,523		774,477
NOV, Inc.		50,085		846,437
Ovintiv, Inc.		34,349		1,697,184
PBF Energy, Inc., Class A		14,801		691,207
Permian Resources Corp.		47,902		745,355
Range Resources Corp.		33,655		1,064,171
Southwestern Energy Co.^(b)		142,667		994,389
Valaris Ltd.^(b)(c)		8,348		526,341
Weatherford International PLC^(b)		9,481		972,846

				17,357,770

Financials-15.95%
Affiliated Managers Group, Inc.		4,321		675,416

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		51

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Financials-(continued)
Ally Financial, Inc.		33,924	$	1,254,849
American Financial Group, Inc.		8,329		1,063,363
Associated Banc-Corp.		17,522		365,158
Bank OZK^(c)		12,435		544,653
Brighthouse Financial, Inc.^(b)		8,105		377,288
Cadence Bank^(c)		21,323		590,221
Carlyle Group, Inc. (The)^(c)		26,324		1,206,955
CNO Financial Group, Inc.		14,165		378,064
Columbia Banking System, Inc.		24,193		437,893
Commerce Bancshares, Inc.		13,761		716,122
Cullen/Frost Bankers, Inc.		7,730		838,782
East West Bancorp, Inc.		16,825		1,225,870
Erie Indemnity Co., Class A^(c)		3,095		1,259,294
Essent Group Ltd.		13,479		722,070
Euronet Worldwide, Inc.^(b)		5,684		622,057
Evercore, Inc., Class A		4,224		790,226
F.N.B. Corp.		42,651		568,964
Federated Hermes, Inc., Class B		10,991		387,213
Fidelity National Financial, Inc.		31,488		1,592,663
First American Financial Corp.		12,402		724,401
First Financial Bankshares, Inc.^(c)		14,907		461,223
First Horizon Corp.		66,242		934,012
FirstCash Holdings, Inc.		4,698		537,921
Glacier Bancorp, Inc.^(c)		12,763		477,591
Hancock Whitney Corp.		10,129		441,624
Hanover Insurance Group, Inc. (The)		4,356		572,683
Home BancShares, Inc.		22,355		524,448
Interactive Brokers Group, Inc., Class A		13,151		1,429,777
International Bancshares Corp.		6,074		315,180
Janus Henderson Group PLC		16,124		502,424
Jefferies Financial Group, Inc.		21,487		898,586
Kemper Corp.		7,101		407,100
Kinsale Capital Group, Inc.		2,960		1,527,893
MGIC Investment Corp.		35,310		702,316
New York Community Bancorp, Inc.		87,969		421,372
Old National Bancorp.		34,470		566,342
Old Republic International Corp.		33,120		959,155
Pinnacle Financial Partners, Inc.		8,673		717,431
Primerica, Inc.		4,485		1,099,991
Prosperity Bancshares, Inc.		11,265		703,049
Reinsurance Group of America, Inc.		8,397		1,485,009
RenaissanceRe Holdings Ltd. (Bermuda)		6,820		1,533,272
RLI Corp.		5,066		741,916
SEI Investments Co.		12,302		827,310
Selective Insurance Group, Inc.		7,416		774,824
SLM Corp.		26,564		553,328
SouthState Corp.^(c)		8,904		748,292
Starwood Property Trust, Inc.^(c)		37,266		759,854
Stifel Financial Corp.		12,549		951,967
Synovus Financial Corp.		16,337		619,826
Texas Capital Bancshares, Inc.^(b)(c)		5,799		340,111
UMB Financial Corp.		5,149		420,210
United Bankshares, Inc.		15,980		554,346
Unum Group		23,568		1,165,438
Valley National Bancorp.		49,336		404,062
Voya Financial, Inc.		13,193		901,873
Webster Financial Corp.		20,669		984,671
Western Union Co. (The)		46,975		629,935


	Shares		Value
Financials-(continued)
WEX, Inc.^(b)(c)		5,400	$	1,186,542
Wintrust Financial Corp.		7,294		702,777

				46,827,203

Health Care-6.85%
Acadia Healthcare Co., Inc.^(b)		11,746		980,204
Azenta, Inc.^(b)(c)		7,306		475,986
Bruker Corp.		11,706		1,013,037
Chemed Corp.		1,877		1,175,246
Doximity, Inc., Class A^(b)(c)		14,973		422,688
Encompass Health Corp.		12,541		933,050
Enovis Corp.^(b)		6,148		367,712
Envista Holdings Corp.^(b)		19,557		403,852
Exelixis, Inc.^(b)		39,332		861,371
Globus Medical, Inc., Class A^(b)(c)		14,850		801,751
Haemonetics Corp.^(b)		6,203		452,695
HealthEquity, Inc.^(b)		10,312		851,874
Integra LifeSciences Holdings Corp.^(b)(c)		8,423		310,893
Jazz Pharmaceuticals PLC^(b)		7,623		906,375
Lantheus Holdings, Inc.^(b)		8,402		549,323
LivaNova PLC^(b)		6,738		369,310
Medpace Holdings, Inc.^(b)		2,852		1,133,727
Neogen Corp.^(b)(c)		23,045		396,143
Neurocrine Biosciences, Inc.^(b)		11,969		1,560,758
Option Care Health, Inc.^(b)(c)		22,742		733,884
Penumbra, Inc.^(b)(c)		4,863		1,142,416
Perrigo Co. PLC^(c)		17,695		464,671
Repligen Corp.^(b)(c)		6,600		1,280,334
Tenet Healthcare Corp.^(b)		12,778		1,188,354
United Therapeutics Corp.^(b)		5,928		1,337,594

				20,113,248

Industrials-22.82%
Acuity Brands, Inc.		3,742		940,140
Advanced Drainage Systems, Inc.		8,586		1,401,579
AECOM		17,098		1,518,815
AGCO Corp.		7,590		832,623
ASGN, Inc.^(b)		5,842		580,227
Avis Budget Group, Inc.^(c)		2,373		256,379
Brink’s Co. (The)		5,466		452,749
BWX Technologies, Inc.		11,228		1,132,119
CACI International, Inc., Class A^(b)		2,789		1,045,457
Carlisle Cos., Inc.		6,044		2,115,400
Clean Harbors, Inc.^(b)		6,309		1,148,869
Concentrix Corp.^(c)		5,312		384,854
Core & Main, Inc., Class A^(b)		14,218		678,625
Crane Co.		6,107		742,367
Curtiss-Wright Corp.		4,820		1,138,821
Donaldson Co., Inc.		15,305		1,096,144
EMCOR Group, Inc.		5,967		1,870,774
EnerSys		5,010		460,319
ESAB Corp.		6,654		659,545
ExlService Holdings, Inc.^(b)(c)		20,145		626,912
Exponent, Inc.		5,912		478,222
Flowserve Corp.		16,354		692,101
Fluor Corp.^(b)		18,094		665,859
Fortune Brands Innovations, Inc.		15,129		1,230,593
FTI Consulting, Inc.^(b)		4,192		867,241
GATX Corp.		4,319		547,822
Genpact Ltd.		20,504		697,136
Graco, Inc.		20,872		1,904,779

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		52

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
GXO Logistics, Inc.^(b)		14,420	$	746,379
Hertz Global Holdings, Inc.^(b)(c)		15,475		121,479
Hexcel Corp.		10,264		764,257
Insperity, Inc.		4,383		446,146
ITT, Inc.		10,135		1,278,429
KBR, Inc.		16,457		987,914
Kirby Corp.^(b)		7,753		680,093
Knight-Swift Transportation Holdings, Inc.		19,485		1,097,785
Landstar System, Inc.		4,307		819,191
Lennox International, Inc.		3,897		1,836,305
LIncoln Electric Holdings, Inc.		7,059		1,811,339
ManpowerGroup, Inc.		6,052		436,712
MasTec, Inc.^(b)(c)		7,064		533,049
Maximus, Inc.^(c)		7,370		616,574
MDU Resources Group, Inc.		25,322		548,981
Middleby Corp. (The)^(b)		6,357		967,281
MSA Safety, Inc.		4,674		860,717
MSC Industrial Direct Co., Inc., Class A^(c)		5,888		594,335
nVent Electric PLC		20,647		1,389,956
Oshkosh Corp.		7,999		886,769
Owens Corning		11,019		1,650,426
Paylocity Holding Corp.^(b)		5,429		915,384
RBC Bearings, Inc.^(b)(c)		3,585		978,096
Regal Rexnord Corp.^(c)		8,037		1,378,265
Ryder System, Inc.		5,799		661,666
Saia, Inc.^(b)		3,345		1,924,713
Science Applications International Corp.		6,040		845,358
Sensata Technologies Holding PLC^(c)		18,624		641,038
Simpson Manufacturing Co., Inc.		5,076		1,059,260
Stericycle, Inc.^(b)		10,976		596,985
Sunrun, Inc.^(b)(c)		25,055		301,662
Terex Corp.		8,136		466,600
Tetra Tech, Inc.		6,558		1,162,865
Timken Co. (The)		7,838		658,314
Toro Co. (The)		12,919		1,192,553
Trex Co., Inc.^(b)(c)		13,253		1,216,095
UFP Industries, Inc.		7,386		846,657
Valmont Industries, Inc.		2,622		555,680
Watsco, Inc.^(c)		4,031		1,588,698
Watts Water Technologies, Inc., Class A		3,349		683,029
Werner Enterprises, Inc.^(c)		7,780		312,289
WESCO International, Inc.		5,429		811,581
Woodward, Inc.		7,687		1,087,634
XPO, Inc.^(b)		15,503		1,865,321

				66,990,331

Information Technology-9.86%
Allegro MicroSystems, Inc. (Japan)^(b)(c)		9,144		287,945
Amkor Technology, Inc.		13,321		413,217
Arrow Electronics, Inc.^(b)		7,001		822,618
Aspen Technology, Inc.^(b)(c)		3,415		662,134
Avnet, Inc.		11,633		541,981
Belden, Inc.		5,136		437,484
Blackbaud, Inc.^(b)(c)		4,877		337,391
Ciena Corp.^(b)		19,008		1,083,076
Cirrus Logic, Inc.^(b)		6,637		609,409
Cognex Corp.		20,941		826,122
Coherent Corp.^(b)		15,253		907,248
Commvault Systems, Inc.^(b)		5,359		512,910
Crane NXT Co.		6,125		357,823


	Shares		Value
Information Technology-(continued)
Dolby Laboratories, Inc., Class A		7,270	$	588,870
Dropbox, Inc., Class A^(b)		32,718		783,596
Dynatrace, Inc.^(b)		29,524		1,462,914
IPG Photonics Corp.^(b)		3,621		312,673
Kyndryl Holdings, Inc.^(b)		27,576		605,845
Lattice Semiconductor Corp.^(b)(c)		17,092		1,309,418
Littelfuse, Inc.		2,993		713,052
MACOM Technology Solutions Holdings, Inc.^(b)(c)		6,815		601,969
Manhattan Associates, Inc.^(b)		7,700		1,950,641
Novanta, Inc.^(b)(c)		4,263		737,243
Onto Innovation, Inc.^(b)		6,343		1,168,127
Power Integrations, Inc.		6,995		499,863
Qualys, Inc.^(b)		4,538		779,901
Silicon Laboratories, Inc.^(b)(c)		3,746		515,225
Super Micro Computer, Inc.^(b)(c)		6,186		5,357,818
Synaptics, Inc.^(b)		5,002		500,700
TD SYNNEX Corp.		6,543		679,818
Teradata Corp.^(b)(c)		12,667		476,533
Universal Display Corp.		5,303		924,949
Vishay Intertechnology, Inc.		15,670		340,823
Vontier Corp.		19,233		827,019

				28,936,355

Materials-7.26%
Alcoa Corp.		23,702		644,931
AptarGroup, Inc.		8,317		1,168,206
Ashland, Inc.		6,362		595,738
Avient Corp.		11,197		453,255
Axalta Coating Systems Ltd.^(b)		26,957		882,303
Berry Global Group, Inc.		14,948		870,123
Cabot Corp.		6,964		591,592
Cleveland-Cliffs, Inc.^(b)		62,961		1,309,589
Commercial Metals Co.		14,453		780,462
Crown Holdings, Inc.		14,817		1,135,279
Eagle Materials, Inc.		4,403		1,116,381
Graphic Packaging Holding Co.^(c)		37,614		976,083
Greif, Inc., Class A^(c)		3,175		204,660
Knife River Corp.^(b)(c)		7,049		522,260
Louisiana-Pacific Corp.		7,736		572,232
NewMarket Corp.		876		562,103
Olin Corp.		14,906		801,943
Reliance, Inc.		7,566		2,430,350
Royal Gold, Inc.^(c)		8,322		854,087
RPM International, Inc.		15,755		1,817,339
Silgan Holdings, Inc.		10,158		446,038
Sonoco Products Co		12,340		699,431
United States Steel Corp.^(c)		28,210		1,335,461
Westlake Corp.		3,931		545,269

				21,315,115

Real Estate-6.41%
Agree Realty Corp.		11,630		639,069
Apartment Income REIT Corp.		17,876		542,000
Brixmor Property Group, Inc.		35,681		806,747
Cousins Properties, Inc.^(c)		17,681		403,304
CubeSmart		27,023		1,178,473
EastGroup Properties, Inc.		5,729		1,006,528
EPR Properties		9,152		375,964
Equity LifeStyle Properties, Inc.^(c)		23,255		1,565,527
First Industrial Realty Trust, Inc.		15,631		828,443

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		53

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate-(continued)
Gaming and Leisure Properties, Inc.		32,663	$	1,485,513
Healthcare Realty Trust, Inc.		46,368		638,951
Independence Realty Trust, Inc.^(c)		26,813		392,542
Jones Lang LaSalle, Inc.^(b)		5,756		1,095,022
Kilroy Realty Corp.		11,939		452,369
Kite Realty Group Trust		26,042		557,559
Lamar Advertising Co., Class A		10,753		1,188,744
Medical Properties Trust, Inc.^(c)		80,391		338,446
NNN REIT, Inc.		22,291		907,021
Omega Healthcare Investors, Inc.		31,768		988,620
Park Hotels & Resorts, Inc.		27,999		464,783
PotlatchDeltic Corp.		10,111		457,118
Rexford Industrial Realty, Inc.		24,706		1,257,041
Sabra Health Care REIT, Inc.		29,782		413,374
STAG Industrial, Inc.		22,298		828,148

				18,811,306

Utilities-2.92%
ALLETE, Inc.		6,419		363,572
Black Hills Corp.		7,987		415,564
Essential Utilities, Inc.		29,596		1,029,349
IDACORP, Inc.		6,041		532,272
National Fuel Gas Co.		11,553		563,093
New Jersey Resources Corp.		11,539		480,138
NorthWestern Energy Group, Inc.		7,240		346,941
OGE Energy Corp.		24,468		805,242
ONE Gas, Inc.		6,472		385,731


	Shares		Value
Utilities-(continued)
Portland General Electric Co.		12,227	$	491,159
Southwest Gas Holdings, Inc.		7,158		487,818
Spire, Inc.		6,283		372,707
Vistra Corp.		42,346		2,309,551

				8,583,137

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $247,721,828)				293,566,565

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.21%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		12,473,799		12,473,799
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		32,168,615		32,184,699

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,662,784)				44,658,498

TOTAL INVESTMENTS IN SECURITIES-115.20% (Cost $292,384,612)				338,225,063
OTHER ASSETS LESS LIABILITIES-(15.20)%				(44,616,054	)

NET ASSETS-100.00%			$	293,609,009

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$96,110		$3,153,850		$(3,249,960)		$ -		$ -		$ -		$2,267

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		54

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 29, 2024		Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund	$	9,701,199	$	48,902,403	$	(46,129,803	)	$	-		$	-	$	12,473,799	$	282,765	*

Invesco Private Prime Fund		24,945,939		92,419,348		(85,193,573	)		(4,286	)		17,271		32,184,699		758,867	*


Total	$	34,743,248	$	144,475,601	$	(134,573,336	)	$	(4,286	)	$	17,271	$	44,658,498	$	1,043,899

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 29, 2024



Industrials			22.82

Financials			15.95

Consumer Discretionary			15.69

Information Technology			9.86

Materials			7.26

Health Care			6.85

Real Estate			6.41

Energy			5.91

Consumer Staples			4.79

Sector Types Each Less Than 3%			4.45

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		55

Invesco S&P MidCap Low Volatility ETF (XMLV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Consumer Discretionary-9.70%
Choice Hotels International, Inc.^(b)		73,047	$	8,176,881
Columbia Sportswear Co.		122,015		10,089,420
Gentex Corp.		278,333		10,167,504
Graham Holdings Co., Class B		14,093		9,897,937
Murphy USA, Inc.		26,159		10,908,565
Texas Roadhouse, Inc.		78,454		11,718,674
Wendy’s Co. (The)		565,573		10,242,527
Wyndham Hotels & Resorts, Inc.		111,881		8,564,491

				79,765,999

Consumer Staples-9.06%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		139,813		10,211,942
Casey’s General Stores, Inc.		35,518		10,814,876
Flowers Foods, Inc.		434,298		9,736,961
Ingredion, Inc.		101,062		11,887,923
Performance Food Group Co.^(c)		129,029		9,905,556
Post Holdings, Inc.^(c)		111,739		11,638,734
US Foods Holding Corp.^(c)		202,718		10,296,047

				74,492,039

Energy-2.67%
Antero Midstream Corp.		807,257		10,817,244
DT Midstream, Inc.		192,732		11,107,145

				21,924,389

Financials-15.85%
American Financial Group, Inc.		76,452		9,760,627
Essent Group Ltd.		180,403		9,664,189
Federated Hermes, Inc., Class B		258,325		9,100,790
Fidelity National Financial, Inc.		178,987		9,053,162
FirstCash Holdings, Inc.		77,262		8,846,499
Hanover Insurance Group, Inc. (The)		73,656		9,683,554
Houlihan Lokey, Inc.		73,637		9,474,136
MGIC Investment Corp.		531,794		10,577,383
Old Republic International Corp.		405,519		11,743,830
Primerica, Inc.		38,141		9,354,462
Reinsurance Group of America, Inc.		52,464		9,278,258
SEI Investments Co.		195,862		13,171,719
Selective Insurance Group, Inc.		101,520		10,606,810

				130,315,419

Health Care-3.61%
Chemed Corp.		18,267		11,437,517
Encompass Health Corp.		129,246		9,615,902
Neurocrine Biosciences, Inc.^(c)		65,895		8,592,708

				29,646,127

Industrials-17.97%
AECOM		115,442		10,254,713
BWX Technologies, Inc.		122,239		12,325,358
CACI International, Inc., Class A^(c)		32,260		12,092,661
Curtiss-Wright Corp.		46,992		11,102,800
Donaldson Co., Inc.		157,999		11,315,889
GATX Corp.		76,655		9,722,920
Genpact Ltd.		253,982		8,635,388
KBR, Inc.		166,290		9,982,389
Landstar System, Inc.		52,991		10,078,888
LIncoln Electric Holdings, Inc.^(b)		38,983		10,003,038
MDU Resources Group, Inc.		555,670		12,046,926


	Shares		Value
Industrials-(continued)
MSC Industrial Direct Co., Inc., Class A^(b)		110,430	$	11,146,804
Science Applications International Corp.^(b)		73,919		10,345,703
Werner Enterprises, Inc.^(b)		216,138		8,675,779

				147,729,256

Information Technology-4.75%
Avnet, Inc.		205,038		9,552,720
Commvault Systems, Inc.^(c)		100,870		9,654,268
Dolby Laboratories, Inc., Class A		115,996		9,395,676
TD SYNNEX Corp.		100,240		10,414,936

				39,017,600

Materials-5.16%
AptarGroup, Inc.		90,308		12,684,662
NewMarket Corp.		16,362		10,499,005
Reliance, Inc.		29,978		9,629,533
Sonoco Products Co.		169,302		9,596,037

				42,409,237

Real Estate-15.59%
Agree Realty Corp.		201,438		11,069,018
Apartment Income REIT Corp.		277,931		8,426,868
Brixmor Property Group, Inc.		397,722		8,992,494
EastGroup Properties, Inc.		54,974		9,658,382
EPR Properties		210,445		8,645,081
Equity LifeStyle Properties, Inc.^(b)		139,663		9,402,113
First Industrial Realty Trust, Inc.		191,863		10,168,739
Gaming and Leisure Properties, Inc.^(b)		261,802		11,906,755
NNN REIT, Inc.^(b)		285,984		11,636,689
Omega Healthcare Investors, Inc.		322,537		10,037,352
PotlatchDeltic Corp.		207,723		9,391,157
STAG Industrial, Inc.		265,730		9,869,212
W.P. Carey, Inc.^(b)		159,216		8,968,637

				128,172,497

Utilities-15.49%
ALLETE, Inc.		162,528		9,205,586
Black Hills Corp.		178,317		9,277,833
Essential Utilities, Inc.		275,679		9,588,116
IDACORP, Inc.		123,736		10,902,379
National Fuel Gas Co.		219,921		10,718,950
New Jersey Resources Corp.		258,344		10,749,694
NorthWestern Energy Group, Inc.		227,295		10,891,976
OGE Energy Corp.		331,744		10,917,695
ONE Gas, Inc.		162,827		9,704,489
PNM Resources, Inc.		416,055		15,190,168
Portland General Electric Co.^(b)		245,551		9,863,784
Spire, Inc.		174,050		10,324,646

				127,335,316

Total Common Stocks & Other Equity Interests (Cost $770,915,110)				820,807,879

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		56

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $237,567)		237,567	$	237,567

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $771,152,677)				821,045,446


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.28%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		9,853,963		9,853,963


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		25,326,101	$	25,338,764

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,196,563)				35,192,727

TOTAL INVESTMENTS IN SECURITIES-104.16% (Cost $806,349,240)				856,238,173
OTHER ASSETS LESS LIABILITIES-(4.16)%				(34,182,704	)

NET ASSETS-100.00%			$	822,055,469

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	-	$	9,423,701	$	(9,186,134	)	$	-		$	-	$	237,567	$	7,997

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		24,241,901		103,232,835		(117,620,773	)		-			-		9,853,963		470,624	*

Invesco Private Prime Fund		62,336,320		235,005,006		(272,030,759	)		(3,447	)		31,644		25,338,764		1,233,460	*


Total	$	86,578,221	$	347,661,542	$	(398,837,666	)	$	(3,447	)	$	31,644	$	35,430,294	$	1,712,081

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		57

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Industrials			17.97

Financials			15.85

Real Estate			15.59

Utilities			15.49

Consumer Discretionary			9.70

Consumer Staples			9.06

Materials			5.16

Information Technology			4.75

Health Care			3.61

Energy			2.67

Money Market Funds Plus Other Assets Less Liabilities			0.15

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		58

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-2.51%
AMC Networks, Inc., Class A^(b)(c)		6,048	$	78,261
ATN International, Inc.		2,281		76,505
CarGurus, Inc.^(b)		19,438		430,357
Cars.com, Inc.^(b)(c)		13,546		248,434
Cinemark Holdings, Inc.^(b)(c)		23,937		416,743
Cogent Communications Holdings, Inc.		9,174		742,268
Consolidated Communications Holdings, Inc.^(b)		16,319		70,335
E.W. Scripps Co. (The), Class A^(b)(c)		12,071		48,646
Gogo, Inc.^(b)(c)		12,997		106,056
John Wiley & Sons, Inc., Class A^(c)		9,386		313,023
Lumen Technologies, Inc.^(b)(c)		197,023		319,177
Marcus Corp. (The)		5,386		79,013
QuinStreet, Inc.^(b)		11,187		163,666
Scholastic Corp.		5,940		234,274
Shenandoah Telecommunications Co.^(c)		11,596		216,381
Shutterstock, Inc.		5,152		251,211
Telephone & Data Systems, Inc.		23,304		356,551
Thryv Holdings, Inc.^(b)(c)		6,362		133,220
TripAdvisor, Inc.^(b)(c)		23,977		643,063
Yelp, Inc.^(b)		15,079		579,637

				5,506,821

Consumer Discretionary-15.44%
Abercrombie & Fitch Co., Class A^(b)(c)		10,921		1,395,267
Academy Sports & Outdoors, Inc.		15,770		1,178,334
Adtalem Global Education, Inc.^(b)		8,785		434,857
Advance Auto Parts, Inc.^(c)		12,074		815,478
American Axle & Manufacturing Holdings, Inc.^(b)(c)		23,731		164,219
American Eagle Outfitters, Inc.^(c)		39,019		926,701
America’s Car-Mart, Inc.^(b)(c)		1,641		110,505
Asbury Automotive Group, Inc.^(b)		4,435		926,161
BJ’s Restaurants, Inc.^(b)(c)		4,840		169,497
Bloomin’ Brands, Inc.		18,415		500,520
Boot Barn Holdings, Inc.^(b)(c)		6,496		600,880
Brinker International, Inc.^(b)(c)		8,934		414,002
Buckle, Inc. (The)^(c)		6,088		249,243
Caleres, Inc.^(c)		8,115		313,320
Cavco Industries, Inc.^(b)(c)		1,633		608,407
Century Communities, Inc.		5,940		512,563
Cheesecake Factory, Inc. (The)		9,806		346,936
Chuy’s Holdings, Inc.^(b)(c)		3,997		135,219
Cracker Barrel Old Country Store, Inc.^(c)		4,474		295,866
Dana, Inc.		27,111		338,887
Dave & Buster’s Entertainment, Inc.^(b)(c)		7,077		436,934
Designer Brands, Inc., Class A^(c)		14,822		156,520
Dorman Products, Inc.^(b)(c)		5,892		555,144
Ethan Allen Interiors, Inc.		4,844		161,935
Foot Locker, Inc.^(c)		17,154		590,612
Frontdoor, Inc.^(b)		17,387		545,256
Gentherm, Inc.^(b)		7,331		416,841
G-III Apparel Group Ltd.^(b)		8,943		297,534
Golden Entertainment, Inc.		4,532		167,956
Green Brick Partners, Inc.^(b)		5,357		313,384
Group 1 Automotive, Inc.		3,111		841,992
Guess?, Inc.^(c)		6,031		153,067


	Shares		Value
Consumer Discretionary-(continued)
Haverty Furniture Cos., Inc., (Acquired 12/03/2021 - 01/18/2024;
Cost $80,277)^(d)		2,842	$	97,481
Hibbett, Inc.^(c)		2,747		225,117
Installed Building Products, Inc.^(c)		4,891		1,168,607
Kohl’s Corp.		25,239		703,411
Kontoor Brands, Inc.		11,179		660,791
La-Z-Boy, Inc.		9,358		355,510
LCI Industries		5,326		670,969
LGI Homes, Inc.^(b)(c)		4,411		503,251
M.D.C. Holdings, Inc.		12,285		770,269
M/I Homes, Inc.^(b)		5,835		740,987
MarineMax, Inc.^(b)(c)		4,045		134,294
Meritage Homes Corp.		7,611		1,199,950
Mister Car Wash, Inc.^(b)(c)		18,557		153,838
Monarch Casino & Resort, Inc.		2,924		205,703
Monro, Inc.		6,783		227,705
Movado Group, Inc.^(c)		3,310		95,030
National Vision Holdings, Inc.^(b)(c)		16,507		386,264
Newell Brands, Inc.		77,801		583,507
ODP Corp. (The)^(b)		7,484		422,696
Oxford Industries, Inc.^(c)		3,222		326,679
Patrick Industries, Inc.		4,414		529,415
Perdoceo Education Corp.		14,035		249,963
Phinia, Inc.		9,994		341,995
Sally Beauty Holdings, Inc.^(b)(c)		22,410		283,038
Shake Shack, Inc., Class A^(b)		8,019		852,580
Shoe Carnival, Inc.^(c)		3,605		118,136
Signet Jewelers Ltd.^(c)		8,621		877,273
Sonic Automotive, Inc., Class A^(c)		3,590		188,475
Standard Motor Products, Inc.		3,996		126,913
Steven Madden Ltd.		15,370		658,143
Strategic Education, Inc.		4,846		536,888
Stride, Inc.^(b)		8,952		534,882
Sturm, Ruger & Co., Inc.		3,831		165,959
Tri Pointe Homes, Inc.^(b)(c)		20,847		737,567
Upbound Group, Inc.		9,485		320,214
Urban Outfitters, Inc.^(b)		12,582		522,782
Victoria’s Secret & Co.^(b)(c)		17,498		499,743
Vista Outdoor, Inc.^(b)(c)		13,031		406,567
Winnebago Industries, Inc.^(c)		6,222		446,304
Worthington Enterprises, Inc.^(c)		9,334		579,828
XPEL, Inc.^(b)(c)(e)		4,396		231,142

				33,913,903

Consumer Staples-3.85%
Andersons, Inc. (The)		6,754		373,361
B&G Foods, Inc.^(c)		14,782		170,732
Calavo Growers, Inc.		3,175		91,631
Cal-Maine Foods, Inc.		8,594		494,069
Central Garden & Pet Co., Class A^(b)		13,173		496,490
Chefs’ Warehouse, Inc. (The)^(b)(c)		7,734		293,969
Edgewell Personal Care Co.		11,391		435,022
Fresh Del Monte Produce, Inc.		7,176		171,722
Hain Celestial Group, Inc. (The)^(b)(c)		19,517		195,170
Inter Parfums, Inc.		3,767		552,694
J&J Snack Foods Corp.		3,284		476,443
John B. Sanfilippo & Son, Inc.		1,882		192,660

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		59

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Medifast, Inc.^(c)		2,200	$	88,198
MGP Ingredients, Inc.^(c)		3,510		298,982
National Beverage Corp.^(b)(c)		5,021		264,305
Nu Skin Enterprises, Inc., Class A		10,716		133,950
PriceSmart, Inc.		5,541		466,220
Simply Good Foods Co. (The)^(b)(c)		19,262		683,416
SpartanNash Co.		7,397		155,855
Tootsie Roll Industries, Inc.		3,670		119,348
TreeHouse Foods, Inc.^(b)		11,155		399,238
United Natural Foods, Inc.^(b)		12,399		193,548
Universal Corp.		5,184		248,884
USANA Health Sciences, Inc.^(b)		2,430		117,272
Vector Group Ltd.		28,734		320,672
WD-40 Co.		3,092		829,862
WK Kellogg Co.		14,105		206,497

				8,470,210

Energy-5.16%
Archrock, Inc.		30,846		563,556
Bristow Group, Inc.^(b)		5,219		140,652
California Resources Corp.		14,875		776,029
Callon Petroleum Co.^(b)(c)		12,907		402,182
Comstock Resources, Inc.^(c)		22,130		189,212
CONSOL Energy, Inc.		6,632		569,158
Core Laboratories, Inc.^(c)		10,487		156,990
CVR Energy, Inc.		6,783		225,060
Dorian LPG Ltd.^(c)		7,468		269,968
Dril-Quip, Inc.^(b)		8,047		181,862
Green Plains, Inc.^(b)		14,077		299,840
Helix Energy Solutions Group, Inc.^(b)		32,955		296,595
Helmerich & Payne, Inc.		22,512		864,236
Liberty Energy, Inc., Class A		38,196		816,631
Nabors Industries Ltd.^(b)(c)		2,172		170,220
Northern Oil and Gas, Inc.^(c)		21,339		762,442
Oceaneering International, Inc.^(b)		23,909		472,442
Oil States International, Inc.^(b)		14,707		79,271
Par Pacific Holdings, Inc.^(b)		12,897		465,840
Patterson-UTI Energy, Inc.		75,876		877,885
ProPetro Holding Corp.^(b)		21,020		155,548
REX American Resources Corp.^(b)		3,926		172,665
RPC, Inc.^(c)		19,153		141,541
SM Energy Co.		28,011		1,226,041
Talos Energy, Inc.^(b)		25,060		330,541
U.S. Silica Holdings, Inc.^(b)		17,897		205,816
Vital Energy, Inc.^(b)(c)		3,925		197,545
World Kinect Corp.		13,514		329,201

				11,338,969

Financials-18.47%
Ambac Financial Group, Inc.^(b)		9,858		161,277
American Equity Investment Life Holding Co.^(b)(c)		13,673		759,398
Ameris Bancorp.		13,366		619,247
AMERISAFE, Inc.		4,285		226,077
Apollo Commercial Real Estate Finance, Inc.^(c)		28,438		318,790
Arbor Realty Trust, Inc.^(c)		38,992		522,493
Artisan Partners Asset Management, Inc., Class A		15,026		647,170
Assured Guaranty Ltd.		12,314		1,127,962
Atlantic Union Bankshares Corp.		15,646		520,386


	Shares		Value
Financials-(continued)
Axos Financial, Inc.^(b)(c)		10,250	$	534,230
B. Riley Financial, Inc.^(c)		2,975		54,532
Banc of California, Inc.		27,387		400,672
BancFirst Corp.		3,068		269,186
Bancorp, Inc. (The)^(b)		11,967		534,207
Bank of Hawaii Corp.		8,084		487,304
BankUnited, Inc.		15,839		424,802
Banner Corp.		6,896		302,321
Berkshire Hills Bancorp, Inc.		9,106		195,688
Blackstone Mortgage Trust, Inc., Class A^(c)		40,886		832,848
Bread Financial Holdings, Inc.^(c)		10,614		406,304
BrightSphere Investment Group, Inc.		6,830		154,768
Brookline Bancorp, Inc.^(c)		18,562		181,351
Capitol Federal Financial, Inc.		26,453		153,163
Cathay General Bancorp.		15,262		595,981
Central Pacific Financial Corp.		5,635		105,149
City Holding Co.^(c)		3,196		321,134
Community Bank System, Inc.^(c)		11,026		499,478
Customers Bancorp, Inc.^(b)		5,721		310,708
CVB Financial Corp.		27,680		471,114
Dime Community Bancshares, Inc.		7,024		131,630
Donnelley Financial Solutions, Inc.^(b)		5,456		352,239
Eagle Bancorp, Inc.		6,147		146,422
Ellington Financial, Inc.		15,356		173,983
Employers Holdings, Inc.		5,684		259,816
Encore Capital Group, Inc.^(b)(c)		5,079		243,792
Enova International, Inc.^(b)		6,372		403,029
EVERTEC, Inc.		13,632		492,524
EZCORP, Inc., Class A^(b)(c)		11,028		115,684
FB Financial Corp.		7,263		258,853
First Bancorp.		37,987		645,019
First Bancorp/Southern Pines NC^(c)		8,592		293,159
First Commonwealth Financial Corp.		21,391		278,725
First Financial Bancorp.		19,307		418,962
First Hawaiian, Inc.		27,040		566,758
Franklin BSP Realty Trust, Inc.		17,802		229,824
Fulton Financial Corp.^(c)		34,404		529,822
Genworth Financial, Inc., Class A^(b)		99,909		614,440
Goosehead Insurance, Inc., Class A^(b)(c)		5,359		405,408
Green Dot Corp., Class A^(b)(c)		8,670		71,181
Hanmi Financial Corp.		6,250		94,437
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		22,538		567,281
HCI Group, Inc.^(c)		1,337		130,518
Heritage Financial Corp.		7,115		130,560
Hilltop Holdings, Inc.		9,573		295,614
Hope Bancorp, Inc.		24,736		271,354
Horace Mann Educators Corp.		9,080		328,605
Independent Bank Corp.		9,271		483,668
Independent Bank Group, Inc.^(c)		7,404		323,777
Jackson Financial, Inc., Class A		16,047		883,387
Lakeland Financial Corp.^(c)		5,276		336,081
Mercury General Corp.		5,579		271,642
Moelis & Co., Class A		13,626		736,349
Mr. Cooper Group, Inc.^(b)		14,381		1,025,078
National Bank Holdings Corp., Class A		7,869		266,287
Navient Corp.		18,611		302,615
NBT Bancorp, Inc.^(c)		9,788		336,609
NCR Atleos Corp.^(b)		14,710		320,090
NMI Holdings, Inc., Class A^(b)		18,188		547,095

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		60

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Financials-(continued)
Northfield Bancorp, Inc.		7,767	$	78,447
Northwest Bancshares, Inc.		26,720		306,211
OFG Bancorp		10,052		364,083
Pacific Premier Bancorp, Inc.		18,833		430,522
Palomar Holdings, Inc.^(b)		5,155		392,502
Park National Corp.		2,940		377,819
Pathward Financial, Inc.		5,518		280,535
Payoneer Global, Inc.^(b)		58,494		284,281
PennyMac Mortgage Investment Trust^(c)		18,778		265,333
Piper Sandler Cos		3,257		613,195
PRA Group, Inc.^(b)		7,812		199,675
Preferred Bank^(c)		2,715		195,073
ProAssurance Corp.		11,250		138,712
PROG Holdings, Inc.^(b)		9,694		299,254
Provident Financial Services, Inc.		15,780		237,962
Radian Group, Inc.		35,479		1,033,858
Ready Capital Corp.^(c)		34,759		306,922
Renasant Corp.		11,322		357,888
S&T Bancorp, Inc.		7,967		248,491
Safety Insurance Group, Inc.		3,237		265,952
Seacoast Banking Corp. of Florida^(c)		17,291		417,405
ServisFirst Bancshares, Inc.^(c)		9,986		631,015
Simmons First National Corp., Class A		25,958		498,394
SiriusPoint Ltd. (Bermuda)^(b)		19,674		241,400
Southside Bancshares, Inc.		5,935		170,097
Stellar Bancorp, Inc.		9,645		228,586
Stewart Information Services Corp.^(c)		5,410		340,722
StoneX Group, Inc.^(b)		5,683		393,605
Tompkins Financial Corp.		2,557		123,145
Triumph Financial, Inc.^(b)(c)		4,515		338,625
TrustCo Bank Corp.		3,947		107,714
Trustmark Corp.		12,333		331,264
Two Harbors Investment Corp.		21,441		271,657
United Community Banks, Inc.^(c)		24,387		634,306
United Fire Group, Inc., (Acquired 06/28/2021 - 01/18/2024;
Cost $126,521)^(d)		4,606		107,274
Veritex Holdings, Inc.		11,033		216,578
Virtus Investment Partners, Inc.		1,450		336,864
WaFd, Inc.		12,872		350,633
Walker & Dunlop, Inc.^(c)		6,776		646,295
Westamerica Bancorporation		5,599		255,930
WisdomTree, Inc.		24,838		200,194
World Acceptance Corp.^(b)(c)		732		87,664
WSFS Financial Corp.		12,827		543,737

				40,569,876

Health Care-8.74%
AdaptHealth Corp.^(b)(c)		17,881		182,923
Addus HomeCare Corp.^(b)		3,465		319,750
Agiliti, Inc.^(b)(c)		8,435		83,253
AMN Healthcare Services, Inc.^(b)		8,282		466,028
Amphastar Pharmaceuticals, Inc.^(b)		8,116		377,962
ANI Pharmaceuticals, Inc.^(b)		3,618		244,830
Arcus Biosciences, Inc.^(b)(c)		11,284		215,863
Artivion, Inc.^(b)(c)		8,489		163,838
Astrana Health, Inc.^(b)(c)		9,171		413,062
Avanos Medical, Inc.^(b)(c)		10,685		198,420
BioLife Solutions, Inc.^(b)(c)		7,128		120,463
Catalyst Pharmaceuticals, Inc.^(b)(c)		22,733		364,410


	Shares		Value
Health Care-(continued)
Certara, Inc.^(b)(c)		21,950	$	370,516
Collegium Pharmaceutical, Inc.^(b)		7,430		272,755
CONMED Corp.		6,706		538,626
Corcept Therapeutics, Inc.^(b)(c)		18,721		439,944
CorVel Corp.^(b)(c)		1,889		460,916
Cross Country Healthcare, Inc.^(b)(c)		7,443		135,984
Dynavax Technologies Corp.^(b)(c)		28,977		367,139
Enhabit, Inc.^(b)(c)		10,853		97,677
Ensign Group, Inc. (The)		12,492		1,560,501
Fortrea Holdings, Inc.^(b)(c)		18,703		702,111
Fulgent Genetics, Inc.^(b)(c)		4,627		104,385
Glaukos Corp.^(b)(c)		11,079		981,489
Harmony Biosciences Holdings, Inc.^(b)(c)		6,731		216,065
HealthStream, Inc.		5,130		139,946
ICU Medical, Inc.^(b)(c)		4,535		495,358
Innoviva, Inc.^(b)(c)		12,144		185,560
Integer Holdings Corp.^(b)		7,434		819,896
LeMaitre Vascular, Inc.^(c)		4,256		297,920
Ligand Pharmaceuticals, Inc.^(b)(c)		3,498		277,566
Merit Medical Systems, Inc.^(b)(c)		13,249		1,009,574
Mesa Laboratories, Inc.		1,003		109,518
NeoGenomics, Inc.^(b)(c)		28,289		441,308
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(f)		762		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(f)		762		0
Omnicell, Inc.^(b)(c)		9,862		258,779
OraSure Technologies, Inc.^(b)(c)		16,593		119,387
Owens & Minor, Inc.^(b)(c)		15,153		368,673
Pediatrix Medical Group, Inc.^(b)(c)		16,561		151,533
Phibro Animal Health Corp., Class A		3,727		48,190
Premier, Inc., Class A		25,599		533,995
Prestige Consumer Healthcare, Inc.^(b)		10,580		736,156
Privia Health Group, Inc.^(b)(c)		22,345		498,740
RadNet, Inc.^(b)		12,102		458,182
Schrodinger, Inc.^(b)(c)		11,634		296,202
Select Medical Holdings Corp.		22,406		610,115
Simulations Plus, Inc.^(c)		3,557		147,616
Supernus Pharmaceuticals, Inc.^(b)(c)		12,249		363,795
U.S. Physical Therapy, Inc.^(c)		3,175		337,407
UFP Technologies, Inc.^(b)(c)		1,483		308,924
Varex Imaging Corp.^(b)(c)		9,061		155,849
Veradigm, Inc.^(b)(c)		22,085		132,289
Vericel Corp.^(b)(c)		11,103		507,185

				19,208,573

Industrials-18.88%
AAON, Inc.		14,614		1,227,284
AAR Corp.^(b)		7,323		489,030
ABM Industries, Inc.		13,931		575,490
AeroVironment, Inc.^(b)(c)		6,267		794,593
Alamo Group, Inc.		2,263		457,782
Albany International Corp., Class A		6,771		635,594
Allegiant Travel Co.		3,146		228,966
American Woodmark Corp.^(b)		3,123		313,050
Apogee Enterprises, Inc.		4,543		259,905
Applied Industrial Technologies, Inc.		8,339		1,583,493
ArcBest Corp.		5,852		836,017
Arcosa, Inc.		10,468		868,844
Astec Industries, Inc.		4,930		200,158

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		61

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Industrials-(continued)
AZZ, Inc.		5,313	$	386,786
Barnes Group, Inc.^(c)		10,517		367,464
Boise Cascade Co.		8,605		1,169,506
Brady Corp., Class A		10,008		583,266
CoreCivic, Inc.^(b)		26,381		401,783
CSG Systems International, Inc.		6,224		339,581
Deluxe Corp.		9,569		185,734
DNOW, Inc.^(b)		22,309		315,672
DXP Enterprises, Inc.^(b)		2,792		99,172
Dycom Industries, Inc.^(b)		6,300		796,887
Encore Wire Corp.^(c)		3,570		860,370
Enerpac Tool Group Corp.		11,759		396,396
Enpro, Inc.		4,577		713,188
Enviri Corp.^(b)		15,223		119,653
ESCO Technologies, Inc.		5,682		578,939
Federal Signal Corp.		13,332		1,092,024
Forrester Research, Inc.^(b)		2,443		49,275
Forward Air Corp.		5,622		208,745
Franklin Electric Co., Inc.		8,519		885,635
GEO Group, Inc. (The)^(b)(c)		28,322		347,511
Gibraltar Industries, Inc.^(b)		6,466		500,792
GMS, Inc.^(b)		8,393		749,579
Granite Construction, Inc.^(c)		9,326		480,569
Greenbrier Cos., Inc. (The)		6,710		347,242
Griffon Corp.		8,428		601,759
Hayward Holdings, Inc.^(b)(c)		26,028		384,954
Healthcare Services Group, Inc.^(b)		16,175		206,393
Heartland Express, Inc.^(c)		9,877		126,228
Heidrick & Struggles International, Inc.		4,308		146,472
Hillenbrand, Inc.		15,147		720,240
HNI Corp.		10,008		448,458
Hub Group, Inc., Class A^(b)		12,970		551,614
Insteel Industries, Inc.^(c)		4,012		146,077
Interface, Inc.		11,774		185,087
JetBlue Airways Corp.^(b)(c)		68,593		444,483
John Bean Technologies Corp.		6,991		709,447
Kaman Corp.		5,877		269,225
Kelly Services, Inc., Class A		6,984		171,318
Kennametal, Inc.		16,740		422,518
Korn Ferry		11,812		751,952
Lindsay Corp.		2,390		285,151
Liquidity Services, Inc.^(b)		4,710		84,450
Marten Transport Ltd.		12,403		233,797
MasterBrand, Inc.^(b)		26,193		453,401
Matson, Inc.		7,738		859,305
Matthews International Corp., Class A		6,630		191,872
Mercury Systems, Inc.^(b)(c)		10,913		325,971
MillerKnoll, Inc.		15,751		481,193
Moog, Inc., Class A		6,289		943,036
Mueller Industries, Inc.		24,678		1,267,956
MYR Group, Inc.^(b)		3,624		588,755
National Presto Industries, Inc.		1,090		84,290
NV5 Global, Inc.^(b)(c)		2,707		275,329
OPENLANE, Inc.^(b)		24,299		371,046
PGT Innovations, Inc.^(b)		12,751		532,609
Pitney Bowes, Inc.		32,533		131,108
Powell Industries, Inc.		2,021		374,370
Proto Labs, Inc.^(b)(c)		5,696		207,505
Quanex Building Products Corp.		6,982		241,438
Resideo Technologies, Inc.^(b)		31,443		702,122


	Shares		Value
Industrials-(continued)
Resources Connection, Inc.		6,744	$	93,270
RXO, Inc.^(b)		25,751		554,161
SkyWest, Inc.^(b)		9,125		586,007
SPX Technologies, Inc.^(b)		9,681		1,134,516
Standex International Corp.		2,529		437,517
Sun Country Airlines Holdings, Inc.^(b)(c)		8,032		120,480
SunPower Corp.^(b)(c)		16,000		49,760
Tennant Co.		4,094		463,400
Titan International, Inc.^(b)		10,847		138,408
Trinity Industries, Inc.		17,609		446,916
TrueBlue, Inc.^(b)		6,606		77,620
TTEC Holdings, Inc.		3,943		68,805
UniFirst Corp.		3,255		549,184
Verra Mobility Corp., Class A^(b)		36,058		779,574
Viad Corp.^(b)		4,432		165,003
Vicor Corp.^(b)(c)		4,756		177,113
Wabash National Corp.		9,473		258,423

				41,467,061

Information Technology-11.94%
A10 Networks, Inc.		15,273		203,284
ACI Worldwide, Inc.^(b)(c)		23,578		775,952
Adeia, Inc.		22,751		257,996
Advanced Energy Industries, Inc.^(c)		8,291		839,049
Agilysys, Inc.^(b)		4,428		344,498
Alarm.com Holdings, Inc.^(b)(c)		10,682		808,521
Alpha & Omega Semiconductor Ltd.^(b)(c)		4,925		107,857
Arlo Technologies, Inc.^(b)(c)		20,744		215,945
Axcelis Technologies, Inc.^(b)		7,362		829,477
Badger Meter, Inc.		6,338		1,005,777
Benchmark Electronics, Inc.		7,836		240,644
Cerence, Inc.^(b)(c)		9,101		135,605
CEVA, Inc.^(b)(c)		5,164		116,913
Cohu, Inc.^(b)		10,466		336,273
Corsair Gaming, Inc.^(b)		9,489		122,883
CTS Corp.		6,708		298,908
Diodes, Inc.^(b)(c)		9,875		671,302
DoubleVerify Holdings, Inc.^(b)(c)		30,209		933,156
DXC Technology Co.^(b)		44,768		978,628
ePlus, Inc.^(b)(c)		5,648		465,339
Extreme Networks, Inc.^(b)		28,190		356,322
Fabrinet (Thailand)^(b)		8,005		1,725,638
FormFactor, Inc.^(b)(c)		17,628		758,533
Harmonic, Inc.^(b)(c)		26,911		353,341
Ichor Holdings Ltd.^(b)(c)		6,591		282,095
Insight Enterprises, Inc.^(b)(c)		6,001		1,128,188
InterDigital, Inc.^(c)		5,620		601,452
Itron, Inc.^(b)		9,614		891,025
Knowles Corp.^(b)(c)		20,011		326,980
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		12,626		601,250
LiveRamp Holdings, Inc.^(b)(c)		14,128		494,197
MaxLinear, Inc.^(b)		15,981		310,671
Methode Electronics, Inc.		7,715		164,329
N-able, Inc.^(b)		14,979		201,767
NetScout Systems, Inc.^(b)(c)		15,250		330,162
OSI Systems, Inc.^(b)		3,392		444,963
PC Connection, Inc.		2,349		155,927
PDF Solutions, Inc.^(b)		6,620		225,014
Perficient, Inc.^(b)(c)		7,448		483,152
Photronics, Inc.^(b)		14,186		408,415

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		62

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Plexus Corp.^(b)(c)		6,101	$	575,934
Progress Software Corp.		9,613		512,950
Rogers Corp.^(b)		3,746		419,814
Sanmina Corp.^(b)		12,906		815,659
ScanSource, Inc.^(b)		5,125		221,554
SMART Global Holdings, Inc.^(b)		10,844		230,652
SPS Commerce, Inc.^(b)		7,680		1,422,029
TTM Technologies, Inc.^(b)(c)		23,929		355,346
Ultra Clean Holdings, Inc.^(b)(c)		9,687		418,478
Veeco Instruments, Inc.^(b)(c)		12,741		461,352
Viasat, Inc.^(b)(c)		14,800		289,636
Xerox Holdings Corp.^(c)		24,702		460,692
Xperi, Inc.^(b)		9,812		107,540

				26,223,064

Materials-5.88%
AdvanSix, Inc.		5,935		166,061
Alpha Metallurgical Resources, Inc.^(c)		2,543		959,347
ATI, Inc.^(b)(c)		31,414		1,544,941
Balchem Corp.		6,737		1,058,989
Carpenter Technology Corp.		10,943		707,465
Century Aluminum Co.^(b)(c)		12,072		126,394
Clearwater Paper Corp.^(b)		3,610		141,837
Compass Minerals International, Inc.		7,414		169,039
H.B. Fuller Co.		11,544		918,094
Hawkins, Inc.		4,238		297,719
Haynes International, Inc.		2,853		169,554
Ingevity Corp.^(b)(c)		7,337		335,154
Innospec, Inc.^(c)		5,306		659,377
Kaiser Aluminum Corp.		3,513		254,763
Koppers Holdings, Inc.		4,709		266,624
Materion Corp.		4,589		616,394
Mercer International, Inc. (Germany)		10,410		95,564
Metallus, Inc.^(b)(c)		8,393		182,548
Minerals Technologies, Inc.		7,076		512,019
Myers Industries, Inc.		7,991		153,667
O-I Glass, Inc.^(b)		32,904		556,736
Olympic Steel, Inc.		2,196		149,372
Quaker Chemical Corp.^(c)		2,886		578,643
Sensient Technologies Corp.		8,882		594,028
Stepan Co.		4,505		401,846
SunCoke Energy, Inc.		18,468		197,792
Sylvamo Corp.		7,775		469,688
Warrior Met Coal, Inc.		11,087		631,626

				12,915,281

Real Estate-7.20%
Acadia Realty Trust^(c)		20,186		330,849
Alexander & Baldwin, Inc.^(c)		15,612		253,851
American Assets Trust, Inc.		10,164		219,237
Anywhere Real Estate, Inc.^(b)		21,731		136,253
Apple Hospitality REIT, Inc.		47,328		761,507
Armada Hoffler Properties, Inc.		14,221		144,770
Brandywine Realty Trust^(c)		35,951		154,589
CareTrust REIT, Inc.		22,607		510,014
Centerspace		3,245		180,390
Chatham Lodging Trust		10,718		109,324
Community Healthcare Trust, Inc.		5,271		143,055
Cushman & Wakefield PLC^(b)(c)		35,243		352,078
DiamondRock Hospitality Co.^(c)		45,842		430,915
Douglas Emmett, Inc.^(c)		32,491		429,531


	Shares		Value
Real Estate-(continued)
Easterly Government Properties, Inc.		19,345	$	228,271
Essential Properties Realty Trust, Inc.		33,283		795,131
eXp World Holdings, Inc.^(c)		14,529		190,330
Four Corners Property Trust, Inc.		18,490		447,088
Getty Realty Corp.		9,807		258,512
Global Net Lease, Inc.		39,970		288,184
Highwoods Properties, Inc.		21,266		519,954
Hudson Pacific Properties, Inc.^(c)		22,678		143,779
Innovative Industrial Properties, Inc.^(c)		5,925		580,591
JBG SMITH Properties, (Acquired 06/16/2023 - 01/18/2024;
Cost $290,367)^(d)		18,927		313,810
LTC Properties, Inc.		8,961		281,913
LXP Industrial Trust		62,574		541,891
Macerich Co. (The)^(c)		42,585		698,820
Marcus & Millichap, Inc.		5,098		187,046
Pebblebrook Hotel Trust^(c)		25,905		410,335
Phillips Edison & Co., Inc.		25,530		911,932
Retail Opportunity Investments Corp.^(c)		26,607		344,028
Safehold, Inc.^(b)(c)		8,944		179,953
Service Properties Trust		34,153		232,240
SITE Centers Corp.		39,174		531,983
SL Green Realty Corp.		12,594		610,557
St. Joe Co. (The)		7,666		412,967
Summit Hotel Properties, Inc.		23,606		151,550
Sunstone Hotel Investors, Inc.		45,826		512,793
Tanger, Inc.		21,739		626,301
Universal Health Realty Income Trust		2,624		101,759
Urban Edge Properties		25,039		425,913
Veris Residential, Inc.		17,372		253,631
Whitestone REIT		10,004		123,249
Xenia Hotels & Resorts, Inc.^(c)		23,429		359,401

				15,820,275

Utilities-1.79%
American States Water Co.		7,901		564,210
Avista Corp.		16,266		540,031
California Water Service Group		12,185		559,170
Chesapeake Utilities Corp.		4,541		463,318
Middlesex Water Co		3,638		185,138
Northwest Natural Holding Co.		7,616		279,812
Otter Tail Corp.^(c)		9,085		821,829
SJW Group		6,177		340,106
Unitil Corp.		3,418		174,181

				3,927,795

Total Common Stocks & Other Equity Interests (Cost $186,993,949)				219,361,828


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(g)(h) (Cost $102,164)		102,164		102,164

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $187,096,113)				219,463,992

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		63

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.93%
Invesco Private Government Fund, 5.29%^(g)(h)(i)		13,008,415	$	13,008,415
Invesco Private Prime Fund, 5.49%^(g)(h)(i)		32,954,172		32,970,649

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $45,984,036)				45,979,064

TOTAL INVESTMENTS IN SECURITIES-120.84% (Cost $233,080,149)				265,443,056
OTHER ASSETS LESS LIABILITIES-(20.84)%				(45,777,178	)

NET ASSETS-100.00%			$	219,665,878

Investment Abbreviations:

REIT-Real Estate Investment Trust

Rts. -Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)	Restricted security. The aggregate value of these securities at February 29, 2024 was $518,565, which represented less than 1% of the Fund’s Net Assets.

^(e)

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(g)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	2,322,771	$	(2,220,607	)		$	-			$	-		$	102,164	$	1,783

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			11,755,881		42,252,726		(41,000,192	)			-				-			13,008,415		311,834	*

Invesco Private Prime Fund			31,259,276		94,829,407		(93,131,472	)			(6,146	)			19,584			32,970,649		835,196	*


Total		$	43,015,157	$	139,404,904	$	(136,352,271	)		$	(6,146	)		$	19,584		$	46,081,228	$	1,148,813

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

^(h)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

⁽ⁱ⁾	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		64

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Industrials			18.88

Financials			18.47

Consumer Discretionary			15.44

Information Technology			11.94

Health Care			8.74

Real Estate			7.20

Materials			5.88

Energy			5.16

Consumer Staples			3.85

Sector Types Each Less Than 3%			4.30

Money Market Funds Plus Other Assets Less Liabilities			0.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		65

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-3.83%
ATN International, Inc.		5,721	$	191,882
Cogent Communications Holdings, Inc.^(b)		6,022		487,240
John Wiley & Sons, Inc., Class A		12,010		400,534

				1,079,656

Consumer Discretionary-7.97%
Cracker Barrel Old Country Store, Inc.^(b)		8,434		557,740
Dine Brands Global, Inc.^(b)		8,421		408,503
Ethan Allen Interiors, Inc.^(b)		13,757		459,897
Movado Group, Inc.^(b)		15,289		438,947
Upbound Group, Inc.		11,319		382,129

				2,247,216

Consumer Staples-13.12%
Cal-Maine Foods, Inc.		12,758		733,458
Energizer Holdings, Inc.		11,106		317,076
Fresh Del Monte Produce, Inc.		10,645		254,735
Medifast, Inc.^(b)		12,800		513,152
Nu Skin Enterprises, Inc., Class A		40,790		509,875
SpartanNash Co.		15,387		324,204
Universal Corp.		7,484		359,307
Vector Group Ltd.		61,445		685,726

				3,697,533

Energy-7.85%
Archrock, Inc.		23,190		423,681
California Resources Corp.		3,843		200,489
CVR Energy, Inc.		19,978		662,870
Helmerich & Payne, Inc.^(b)		7,290		279,863
Northern Oil and Gas, Inc.^(b)		11,021		393,781
World Kinect Corp.		10,361		252,394

				2,213,078

Financials-22.84%
Apollo Commercial Real Estate Finance, Inc.^(b)		75,709		848,698
ARMOUR Residential REIT, Inc.^(b)		44,933		889,673
Blackstone Mortgage Trust, Inc., Class A^(b)		42,488		865,480
Ellington Financial, Inc.		68,308		773,930
KKR Real Estate Finance Trust, Inc.^(b)		68,961		672,370
New York Mortgage Trust, Inc.^(b)		106,242		766,005
Ready Capital Corp.^(b)		89,866		793,517
Two Harbors Investment Corp.		65,356		828,060

				6,437,733

Health Care-5.48%
National HealthCare Corp.^(b)		2,417		238,461
Organon & Co.		43,936		764,926
Premier, Inc., Class A		15,961		332,946
Select Medical Holdings Corp.		7,633		207,847

				1,544,180

Industrials-7.70%
Deluxe Corp.		26,196		508,464
HNI Corp.		6,955		311,654
Kaman Corp.		6,901		316,135
Kennametal, Inc.^(b)		11,906		300,507

Investment Abbreviations:

REIT -Real Estate Investment Trust


	Shares		Value
Industrials-(continued)
Resources Connection, Inc.		26,944	$	372,636
Trinity Industries, Inc.^(b)		14,263		361,995

				2,171,391

Information Technology-2.93%
Benchmark Electronics, Inc.		8,215		252,283
Xerox Holdings Corp.^(b)		30,821		574,811

				827,094

Materials-5.35%
Compass Minerals International, Inc.		10,189		232,309
Myers Industries, Inc.^(b)		13,644		262,374
Sealed Air Corp.		5,710		199,108
Sensient Technologies Corp.		3,792		253,609
SunCoke Energy, Inc.		29,560		316,588
Sylvamo Corp.		4,057		245,083

				1,509,071

Real Estate-15.37%
Easterly Government Properties, Inc.		57,819		682,264
Global Net Lease, Inc.		99,698		718,823
Highwoods Properties, Inc.		36,353		888,831
Innovative Industrial Properties, Inc.^(b)		7,119		697,591
Kennedy-Wilson Holdings, Inc.		65,232		572,737
Service Properties Trust		113,573		772,296

				4,332,542

Utilities-7.41%
Avista Corp.		14,312		475,158
Chesapeake Utilities Corp.		1,946		198,550
Clearway Energy, Inc., Class C		21,566		470,139
Northwest Natural Holding Co.		12,047		442,607
SJW Group		3,601		198,271
Unitil Corp.		5,960		303,722

				2,088,447

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $31,322,400)				28,147,941


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-28.14%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		2,250,614		2,250,614
Invesco Private Prime Fund, 5.49%^(c)(d)(e)		5,680,153		5,682,993

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,934,139)				7,933,607

TOTAL INVESTMENTS IN SECURITIES-127.99% (Cost $39,256,539)				36,081,548
OTHER ASSETS LESS LIABILITIES-(27.99)%				(7,890,256	)

NET ASSETS-100.00%			$	28,191,292

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		66

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	457,872	$	(457,872	)		$	-			$	-		$	-	$	331

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,724,212		9,963,689		(9,437,287	)			-				-			2,250,614		40,924	*

Invesco Private Prime Fund			4,433,688		23,924,026		(22,676,905	)			(633	)			2,817			5,682,993		108,864	*


Total		$	6,157,900	$	34,345,587	$	(32,572,064	)		$	(633	)		$	2,817		$	7,933,607	$	150,119

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(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. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Financials			22.84

Real Estate			15.37

Consumer Staples			13.12

Consumer Discretionary			7.97

Energy			7.85

Industrials			7.70

Utilities			7.41

Health Care			5.48

Materials			5.35

Communication Services			3.83

Information Technology			2.93

Money Market Funds Plus Other Assets Less Liabilities			0.15

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		67

Invesco S&P SmallCap Low Volatility ETF (XSLV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-2.45%
Madison Square Garden Sports Corp., Class A^(b)(c)		14,661	$	2,759,054
Marcus Corp. (The)^(c)		243,105		3,566,350
Yelp, Inc.^(b)		55,694		2,140,877

				8,466,281

Consumer Discretionary-4.02%
Monarch Casino & Resort, Inc.		44,671		3,142,605
Standard Motor Products, Inc.^(c)		70,919		2,252,387
Steven Madden Ltd.^(c)		60,765		2,601,957
Strategic Education, Inc.^(c)		29,271		3,242,934
Sturm, Ruger & Co., Inc.		61,139		2,648,542

				13,888,425

Consumer Staples-8.89%
Central Garden & Pet Co., Class A^(b)(c)		73,134		2,756,421
Edgewell Personal Care Co.		74,090		2,829,497
Fresh Del Monte Produce, Inc.		101,400		2,426,502
J&J Snack Foods Corp.^(c)		23,854		3,460,738
John B. Sanfilippo & Son, Inc.		26,749		2,738,295
National Beverage Corp.^(b)(c)		56,225		2,959,684
PriceSmart, Inc.^(c)		34,820		2,929,755
Simply Good Foods Co. (The)^(b)(c)		70,539		2,502,724
Tootsie Roll Industries, Inc.^(c)		97,832		3,181,497
TreeHouse Foods, Inc.^(b)		60,327		2,159,103
Universal Corp.		57,100		2,741,371

				30,685,587

Energy-0.71%
California Resources Corp.^(c)		46,826		2,442,912

Financials-16.94%
Ambac Financial Group, Inc.^(b)		163,793		2,679,653
AMERISAFE, Inc.		71,682		3,781,942
Artisan Partners Asset Management, Inc., Class A^(c)		58,756		2,530,621
Assured Guaranty Ltd.		35,888		3,287,341
City Holding Co.^(c)		28,296		2,843,182
Ellington Financial, Inc.		255,968		2,900,117
Employers Holdings, Inc.^(c)		78,876		3,605,422
EVERTEC, Inc.		70,375		2,542,649
EZCORP, Inc., Class A^(b)(c)		279,142		2,928,200
Franklin BSP Realty Trust, Inc.^(c)		207,153		2,674,345
Horace Mann Educators Corp.		83,868		3,035,183
Mr. Cooper Group, Inc.^(b)		38,070		2,713,630
Navient Corp.		159,950		2,600,787
NMI Holdings, Inc., Class A^(b)(c)		96,700		2,908,736
Northwest Bancshares, Inc.		207,207		2,374,592
Piper Sandler Cos.		13,627		2,565,555
PJT Partners, Inc., Class A		27,601		2,909,145
Radian Group, Inc.^(c)		111,051		3,236,026
Safety Insurance Group, Inc.		39,354		3,233,325
WisdomTree, Inc.^(c)		386,345		3,113,941

				58,464,392

Health Care-6.13%
CorVel Corp.^(b)(c)		11,708		2,856,752
Ensign Group, Inc. (The)^(c)		28,843		3,603,068
HealthStream, Inc.		104,216		2,843,013


	Shares		Value
Health Care-(continued)
Innoviva, Inc.^(b)(c)		184,512	$	2,819,343
National HealthCare Corp.^(c)		30,491		3,008,242
Premier, Inc., Class A		113,508		2,367,777
Prestige Consumer Healthcare, Inc.^(b)		52,730		3,668,953

				21,167,148

Industrials-19.22%
AAR Corp.^(b)		42,272		2,822,924
Albany International Corp., Class A		30,621		2,874,393
Apogee Enterprises, Inc.		49,427		2,827,719
Applied Industrial Technologies, Inc.		15,246		2,895,063
Armstrong World Industries, Inc.		27,455		3,311,348
AZZ, Inc.^(c)		40,847		2,973,662
Brady Corp., Class A		51,784		3,017,972
CSG Systems International, Inc.		55,738		3,041,065
ESCO Technologies, Inc.^(c)		27,490		2,800,956
Federal Signal Corp.		34,187		2,800,257
Franklin Electric Co., Inc.		31,440		3,268,502
Heartland Express, Inc.^(c)		205,038		2,620,386
Hub Group, Inc., Class A^(b)		57,373		2,440,074
Korn Ferry		49,135		3,127,934
Marten Transport Ltd.^(c)		144,239		2,718,905
Moog, Inc., Class A		16,950		2,541,652
National Presto Industries, Inc.		38,619		2,986,407
Resources Connection, Inc.^(c)		212,060		2,932,790
Rush Enterprises, Inc., Class A^(c)		54,517		2,654,978
Standex International Corp.^(c)		16,340		2,826,820
Tennant Co		25,512		2,887,703
UniFirst Corp.		16,978		2,864,528
Verra Mobility Corp., Class A^(b)(c)		144,237		3,118,404

				66,354,442

Information Technology-8.64%
Badger Meter, Inc.		17,813		2,826,745
Benchmark Electronics, Inc.^(c)		93,033		2,857,043
CTS Corp.^(c)		57,204		2,549,010
Insight Enterprises, Inc.^(b)(c)		15,261		2,869,068
InterDigital, Inc.^(c)		27,013		2,890,931
OSI Systems, Inc.^(b)		18,600		2,439,948
PC Connection, Inc.		38,565		2,559,945
Plexus Corp.^(b)(c)		30,549		2,883,826
Progress Software Corp.		53,856		2,873,756
Rogers Corp.^(b)(c)		21,750		2,437,523
Viavi Solutions, Inc.^(b)(c)		276,954		2,644,911

				29,832,706

Materials-4.20%
Balchem Corp.^(c)		20,416		3,209,191
H.B. Fuller Co.^(c)		35,997		2,862,841
Innospec, Inc.^(c)		25,358		3,151,239
Sensient Technologies Corp.^(c)		42,265		2,826,683
Stepan Co.		27,394		2,443,545

				14,493,499

Real Estate-21.66%
Acadia Realty Trust		148,164		2,428,408
Alexander & Baldwin, Inc.^(c)		180,516		2,935,190
Apple Hospitality REIT, Inc.		181,079		2,913,561
Armada Hoffler Properties, Inc.		230,558		2,347,080

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		68

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate-(continued)
CareTrust REIT, Inc.^(c)		166,964	$	3,766,708
Centerspace^(c)		49,484		2,750,816
Chatham Lodging Trust		231,443		2,360,719
Community Healthcare Trust, Inc.^(c)		116,146		3,152,202
DiamondRock Hospitality Co.^(c)		274,972		2,584,737
Easterly Government Properties, Inc.^(c)		209,453		2,471,545
Elme Communities		196,193		2,526,966
Essential Properties Realty Trust, Inc.^(c)		133,261		3,183,605
Four Corners Property Trust, Inc.^(c)		154,976		3,747,320
Getty Realty Corp.^(c)		126,612		3,337,492
LTC Properties, Inc.^(c)		114,698		3,608,399
LXP Industrial Trust		332,718		2,881,338
Phillips Edison & Co., Inc.		93,131		3,326,639
Retail Opportunity Investments Corp.^(c)		191,167		2,471,789
Saul Centers, Inc.^(c)		71,209		2,577,054
SITE Centers Corp.		191,184		2,596,279
Sunstone Hotel Investors, Inc.		253,675		2,838,623
Tanger, Inc.		104,028		2,997,047
Universal Health Realty Income Trust^(c)		75,366		2,922,694
Urban Edge Properties		152,398		2,592,290
Whitestone REIT		210,595		2,594,530
Xenia Hotels & Resorts, Inc.^(c)		187,744		2,879,993

				74,793,024

Utilities-7.04%
American States Water Co.		43,627		3,115,404
Avista Corp.		95,273		3,163,064
California Water Service Group		63,959		2,935,078


	Shares		Value
Utilities-(continued)
Chesapeake Utilities Corp.^(c)		30,714	$	3,133,749
Middlesex Water Co.		47,944		2,439,870
Northwest Natural Holding Co.		90,371		3,320,231
SJW Group		53,732		2,958,484
Unitil Corp.		63,386		3,230,151

				24,296,031

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $343,523,639)				344,884,447


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.06%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		11,829,667		11,829,667
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		29,793,841		29,808,738

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $41,643,416)				41,638,405

TOTAL INVESTMENTS IN SECURITIES-111.96% (Cost $385,167,055)				386,522,852
OTHER ASSETS LESS LIABILITIES-(11.96)%				(41,279,345	)

NET ASSETS-100.00%			$	345,243,507

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)


	Value August 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 29, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	-	$	10,033,249	$	(10,033,249	)	$	-	$	-	$	-	$	6,895

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		69

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024					Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	13,093,200	$	60,797,917	$	(62,061,450	)		$	-			$	-		$	11,829,667	$			383,545	*

Invesco Private Prime Fund			41,909,242		122,926,097		(135,045,723	)			(4,323	)			23,445			29,808,738				1,029,090	*


Total		$	55,002,442	$	193,757,263	$	(207,140,422	)		$	(4,323	)		$	23,445		$	41,638,405		$		1,419,530

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Real Estate			21.66

Industrials			19.22

Financials			16.94

Consumer Staples			8.89

Information Technology			8.64

Utilities			7.04

Health Care			6.13

Materials			4.20

Consumer Discretionary			4.02

Sector Types Each Less Than 3%			3.16

Money Market Funds Plus Other Assets Less Liabilities			0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		70

Invesco S&P SmallCap Quality ETF (XSHQ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-2.49%
CarGurus, Inc.^(b)(c)		51,560	$	1,141,538
Cars.com, Inc.^(b)(c)		31,837		583,891
Cogent Communications Holdings, Inc.^(c)		18,766		1,518,357

				3,243,786

Consumer Discretionary-17.31%
Academy Sports & Outdoors, Inc.		36,179		2,703,295
Asbury Automotive Group, Inc.^(b)(c)		10,929		2,282,303
Bloomin’ Brands, Inc.		37,088		1,008,052
Buckle, Inc. (The)^(c)		19,365		792,803
Caleres, Inc.^(c)		17,284		667,335
Frontdoor, Inc.^(b)		47,678		1,495,182
Golden Entertainment, Inc.^(c)		14,707		545,041
Installed Building Products, Inc.^(c)		11,479		2,742,678
Kontoor Brands, Inc.		26,927		1,591,655
M/I Homes, Inc.^(b)		10,772		1,367,936
Monarch Casino & Resort, Inc.		6,525		459,034
Monro, Inc.		13,458		451,785
ODP Corp. (The)^(b)(c)		15,703		886,906
Signet Jewelers Ltd.^(c)		19,340		1,968,038
Steven Madden Ltd.		38,217		1,636,452
Sturm, Ruger & Co., Inc.^(c)		11,715		507,494
Worthington Enterprises, Inc.^(c)		22,908		1,423,045

				22,529,034

Consumer Staples-5.21%
Cal-Maine Foods, Inc.		22,439		1,290,018
Inter Parfums, Inc.		7,514		1,102,454
John B. Sanfilippo & Son, Inc.		5,225		534,883
Medifast, Inc.^(c)		9,381		376,084
National Beverage Corp.^(b)(c)		15,671		824,922
USANA Health Sciences, Inc.^(b)		5,347		258,046
WD-40 Co.^(c)		8,919		2,393,771

				6,780,178

Energy-12.62%
California Resources Corp.		32,024		1,670,692
Comstock Resources, Inc.^(c)		40,040		342,342
CONSOL Energy, Inc.^(c)		23,271		1,997,117
Core Laboratories, Inc.^(c)		21,390		320,208
CVR Energy, Inc.		22,612		750,266
Dorian LPG Ltd.^(c)		15,002		542,322
Helmerich & Payne, Inc.^(c)		47,890		1,838,497
Liberty Energy, Inc., Class A		86,532		1,850,054
Par Pacific Holdings, Inc.^(b)		46,750		1,688,610
Patterson-UTI Energy, Inc.		142,957		1,654,013
RPC, Inc.^(c)		36,751		271,590
SM Energy Co.		59,183		2,590,440
U.S. Silica Holdings, Inc.^(b)		38,986		448,339
Vital Energy, Inc.^(b)(c)		9,039		454,933

				16,419,423

Financials-17.02%
AMERISAFE, Inc.		10,384		547,860
Artisan Partners Asset Management, Inc., Class A^(c)		62,217		2,679,686
Axos Financial, Inc.^(b)(c)		21,295		1,109,895
BancFirst Corp.		6,709		588,648


	Shares		Value
Financials-(continued)
Bancorp, Inc. (The)^(b)(c)		32,379	$	1,445,399
Cathay General Bancorp^(c)		31,364		1,224,764
Central Pacific Financial Corp.		10,709		199,830
City Holding Co.^(c)		6,704		673,618
Donnelley Financial Solutions, Inc.^(b)		12,492		806,483
Employers Holdings, Inc.		11,210		512,409
EVERTEC, Inc.		27,317		986,963
First Bancorp.		91,561		1,554,706
HCI Group, Inc.^(c)		2,580		251,860
Lakeland Financial Corp.^(c)		11,474		730,894
NCR Atleos Corp.^(b)		35,219		766,365
NMI Holdings, Inc., Class A^(b)		39,859		1,198,959
OFG Bancorp		20,674		748,812
Palomar Holdings, Inc.^(b)(c)		11,493		875,077
Pathward Financial, Inc.		13,196		670,885
Preferred Bank^(c)		6,830		490,735
PROG Holdings, Inc.^(b)		22,870		705,997
Radian Group, Inc.		68,866		2,006,755
Virtus Investment Partners, Inc.		2,883		669,779
Westamerica Bancorporation^(c)		15,387		703,340

				22,149,719

Health Care-4.15%
AMN Healthcare Services, Inc.^(b)(c)		21,694		1,220,721
Catalyst Pharmaceuticals, Inc.^(b)(c)		62,688		1,004,889
CorVel Corp.^(b)		5,487		1,338,828
Cross Country Healthcare, Inc.^(b)		13,715		250,573
Ligand Pharmaceuticals, Inc.^(b)(c)		8,464		671,618
Schrodinger, Inc.^(b)(c)		23,759		604,904
Simulations Plus, Inc.^(c)		7,515		311,873

				5,403,406

Industrials-23.25%
AAON, Inc.^(c)		27,910		2,343,882
American Woodmark Corp.^(b)		6,457		647,250
Apogee Enterprises, Inc.		10,487		599,961
Applied Industrial Technologies, Inc.		19,376		3,679,309
Arcosa, Inc.		20,595		1,709,385
Brady Corp., Class A		22,790		1,328,201
CSG Systems International, Inc.		12,498		681,891
Encore Wire Corp.^(c)		7,598		1,831,118
Enerpac Tool Group Corp.^(c)		23,718		799,534
Enpro, Inc.		10,181		1,586,403
Forward Air Corp.		10,498		389,791
GMS, Inc.^(b)		18,032		1,610,438
Hillenbrand, Inc.		42,699		2,030,337
Insteel Industries, Inc.^(c)		10,762		391,844
John Bean Technologies Corp.		16,992		1,724,348
Lindsay Corp.		5,075		605,498
Marten Transport Ltd.		23,302		439,243
MasterBrand, Inc.^(b)		68,653		1,188,383
Mueller Industries, Inc.		58,746		3,018,369
Powell Industries, Inc.		3,959		733,365
Quanex Building Products Corp.^(c)		14,193		490,794
Resources Connection, Inc.		14,579		201,628
Standex International Corp.		6,118		1,058,414
SunPower Corp.^(b)(c)		33,114		102,985

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		71

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
Titan International, Inc.^(b)		24,804	$	316,499
Wabash National Corp.^(c)		27,242		743,162

				30,252,032

Information Technology-9.99%
A10 Networks, Inc.^(c)		39,651		527,755
Adeia, Inc.		76,593		868,564
Badger Meter, Inc.		15,088		2,394,315
Diodes, Inc.^(b)		18,887		1,283,938
Extreme Networks, Inc.^(b)(c)		98,937		1,250,564
InterDigital, Inc.^(c)		12,426		1,329,830
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		26,940		1,282,883
PDF Solutions, Inc.^(b)(c)		15,523		527,627
Photronics, Inc.^(b)(c)		31,696		912,528
Progress Software Corp.		18,872		1,007,010
Sanmina Corp.^(b)		25,660		1,621,712

				13,006,726

Materials-6.56%
Alpha Metallurgical Resources, Inc.^(c)		7,669		2,893,130
Clearwater Paper Corp.^(b)		7,059		277,348
Hawkins, Inc.		8,695		610,824
Innospec, Inc.		10,517		1,306,948
Myers Industries, Inc.		14,679		282,277
Olympic Steel, Inc.		4,516		307,178
Sylvamo Corp.		21,828		1,318,629
Warrior Met Coal, Inc.		27,010		1,538,760

				8,535,094

Utilities-1.32%
Otter Tail Corp.^(c)		18,941		1,713,403

Total Common Stocks & Other Equity Interests (Cost $118,169,286)				130,032,801


	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e) (Cost $102,178)		102,178	$	102,178

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $118,271,464).				130,134,979


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.24%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		7,854,091		7,854,091
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		21,072,822		21,083,358

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,940,267)				28,937,449

TOTAL INVESTMENTS IN SECURITIES-122.24% (Cost $147,211,731)				159,072,428
OTHER ASSETS LESS LIABILITIES-(22.24)%				(28,944,860	)

NET ASSETS-100.00%			$	130,127,568

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	589,871		$	(487,693)		$	-		$	-		$	102,178		$	557

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		72

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,117,246	$	25,888,694	$	(21,151,849	)		$	-			$	-		$	7,854,091	$	132,777	*

Invesco Private Prime Fund			8,015,776		68,834,790		(55,770,289	)			(2,818	)			5,899			21,083,358		354,827	*


Total		$	11,133,022	$	95,313,355	$	(77,409,831	)		$	(2,818	)		$	5,899		$	29,039,627	$	488,161

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Industrials			23.25

Consumer Discretionary			17.31

Financials			17.02

Energy			12.62

Information Technology			9.99

Materials			6.56

Consumer Staples			5.21

Health Care			4.15

Sector Types Each Less Than 3%			3.81

Money Market Funds Plus Other Assets Less Liabilities			0.08

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		73

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


												Invesco S&P
	Invesco ESG					Invesco Russell			Invesco S&P			500^® ex-Rate
	S&P 500			Invesco		1000 Equal			500^® Enhanced			Sensitive Low
	Equal Weight			MSCI USA ETF		Weight ETF			Value ETF			Volatility
	ETF (RSPE)			(PBUS)		(EQAL)			(SPVU)			ETF (XRLV)
Assets:
Unaffiliated investments in securities, at value^(a)	$	8,677,010		$	4,508,209,844	$	587,532,896		$	106,446,505		$	41,272,543
Affiliated investments in securities, at value		425,137			133,071,863		86,899,229			16,476,588			1,365,517
Receivable for:
Dividends and interest		14,934			5,837,930		918,454			411,239			95,665
Securities lending		36			25,508		33,160			722			98
Investments sold		-			25,914,099		-			-			-
Fund shares sold		-			13,949,418		-			-			-
Foreign tax reclaims		-			3,012		1,191			812			-

Total assets		9,117,117			4,687,011,674		675,384,930			123,335,866			42,733,823


Liabilities:
Due to custodian		7,242			1,018,139		90			244,276			45,237
Payable for:
Investments purchased		-			40,305,461		124,860			-			-
Collateral upon return of securities loaned		379,977			133,081,445		86,528,534			16,292,921			1,365,547
Fund shares repurchased		-			-		-			-			-
Accrued unitary management fees		1,358			134,703		91,793			10,703			8,255
Accrued tax expenses		-			-		-			-			-

Total liabilities		388,577			174,539,748		86,745,277			16,547,900			1,419,039

Net Assets	$	8,728,540		$	4,512,471,926	$	588,639,653		$	106,787,966		$	41,314,784


Net assets consist of:
Shares of beneficial interest	$	8,915,372		$	3,885,691,159	$	696,482,775		$	122,565,659		$	65,844,841
Distributable earnings (loss)		(186,832	)		626,780,767		(107,843,122	)		(15,777,693	)		(24,530,057	)

Net Assets	$	8,728,540		$	4,512,471,926	$	588,639,653		$	106,787,966		$	41,314,784


Shares outstanding (unlimited amount authorized, $0.01 par value)		350,001			88,475,001		13,250,001			2,300,001			850,001
Net asset value	$	24.94		$	51.00	$	44.43		$	46.43		$	48.61

Market price	$	24.92		$	50.96	$	44.39		$	46.41		$	48.59

Unaffiliated investments in securities, at cost	$	8,281,370		$	3,866,825,961	$	569,875,395		$	103,840,561		$	38,499,798

Affiliated investments in securities, at cost	$	437,883		$	133,081,445	$	87,042,542		$	16,571,329		$	1,365,547

^(a)Includes securities on loan with an aggregate value of:	$	377,923		$	131,453,122	$	85,321,324		$	16,097,121		$	1,339,895

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		74


					Invesco S&P						Invesco
Invesco S&P			Invesco S&P		500^® High			Invesco S&P			S&P 500		Invesco S&P		Invesco S&P		Invesco S&P
500^® High			500 High		Dividend Low			500^® Low			Minimum		500^®		500 QVM		MidCap 400
Beta			Dividend Growers		Volatility			Volatility			Variance		Momentum		Multi-factor		QVM Multi-factor
ETF (SPHB)			ETF (DIVG)		ETF (SPHD)			ETF (SPLV)			ETF (SPMV)		ETF (SPMO)		ETF (QVML)		ETF (QVMM)
$	478,833,286		$	2,699,614	$	2,825,105,873		$	8,046,589,583		$	8,740,622	$	718,903,403	$	917,189,242	$	293,566,565
	51,292,310			1,458		49,012,802			178,028,738			702,972		19,586,872		14,271,182		44,658,498
	716,306			6,388		12,057,604			18,440,180			15,292		305,942		1,239,391		225,076
	3,629			-		9,348			9,292			32		789		1,325		5,182
	8,420,823			-		5,083,436			66,692,782			-		73,926		-		314,659
	-			-		-			80,241,641			-		5,373,689		-		-
	-			-		-			-			-		-		449		-

	539,266,354			2,707,460		2,891,269,063			8,390,002,216			9,458,918		744,244,621		932,701,589		338,769,980

	191,913			-		7,727,639			8,541,916			2,129		-		288,872		76,106
	-			-		-			80,194,936			6,564		6,152,488		-		388,176
	46,727,620			-		49,016,264			178,040,090			703,013		18,980,084		14,120,210		44,662,784
	8,443,436			-		5,085,432			66,736,475			-		-		-		-
	98,454			826		671,718			1,587,591			684		46,178		78,414		33,905
	-			405		-			-			-		-		-		-

	55,461,423			1,231		62,501,053			335,101,008			712,390		25,178,750		14,487,496		45,160,971

$	483,804,931		$	2,706,229	$	2,828,768,010		$	8,054,901,208		$	8,746,528	$	719,065,871	$	918,214,093	$	293,609,009

$	694,973,051		$	2,577,315	$	3,896,581,887		$	10,598,056,224		$	8,127,157	$	642,885,452	$	784,669,597	$	269,048,345
	(211,168,120	)		128,914		(1,067,813,877	)		(2,543,155,016	)		619,371		76,180,419		133,544,496		24,560,664

$	483,804,931		$	2,706,229	$	2,828,768,010		$	8,054,901,208		$	8,746,528	$	719,065,871	$	918,214,093	$	293,609,009

	5,730,000			100,001		66,750,000			125,800,000			210,001		9,340,001		30,500,001		10,960,001
$	84.43		$	27.06	$	42.38		$	64.03		$	41.65	$	76.99	$	30.11	$	26.79

$	84.36		$	27.05	$	42.35		$	63.98		$	41.59	$	76.97	$	30.10	$	26.78

$	497,828,823		$	2,586,017	$	2,978,989,561		$	7,786,442,451		$	8,241,609	$	622,912,259	$	743,884,468	$	247,721,828

$	53,396,228		$	1,458	$	49,016,264		$	178,040,090		$	703,013	$	19,587,036	$	14,352,483	$	44,662,784

$	46,531,765		$	-	$	52,967,809		$	173,429,396		$	688,083	$	18,607,549	$	13,901,949	$	44,465,271


		75

Statements of Assets and Liabilities–(continued)

February 29, 2024

(Unaudited)


						Invesco S&P
	Invesco S&P			Invesco S&P		SmallCap High			Invesco S&P			Invesco S&P
	MidCap Low			SmallCap 600		Dividend Low			SmallCap Low			SmallCap
	Volatility			QVM Multi-factor		Volatility ETF			Volatility			Quality
	ETF (XMLV)			ETF (QVMS)		(XSHD)			ETF (XSLV)			ETF (XSHQ)
Assets:
Unaffiliated investments in securities, at value^(a)	$	820,807,879		$	219,361,828	$	28,147,941		$	344,884,447		$	130,032,801
Affiliated investments in securities, at value		35,430,294			46,081,228		7,933,607			41,638,405			29,039,627
Cash		-			105		-			-			1,595
Receivable for:
Dividends and interest		1,168,264			223,797		81,679			626,539			96,664
Securities lending		4,703			8,595		1,260			4,753			2,910
Fund shares sold		3,268,626			-		1,482,392			-			-

Total assets		860,679,766	��		265,675,553		37,646,879			387,154,144			159,173,597


Liabilities:
Due to custodian		92			-		34,379			197,814			-
Payable for:
Investments purchased		3,262,849			-		1,480,900			-			72,958
Investments purchased - affiliated broker		-			-		-			-			5,646
Collateral upon return of securities loaned		35,196,563			45,984,036		7,934,139			41,643,416			28,940,267
Accrued unitary management fees		164,793			25,639		6,169			69,407			27,158

Total liabilities		38,624,297			46,009,675		9,455,587			41,910,637			29,046,029

Net Assets	$	822,055,469		$	219,665,878	$	28,191,292		$	345,243,507		$	130,127,568

Net assets consist of:
Shares of beneficial interest	$	1,478,629,796		$	197,615,848	$	44,034,220		$	1,058,376,518		$	124,324,924
Distributable earnings (loss)		(656,574,327	)		22,050,030		(15,842,928	)		(713,133,011	)		5,802,644

Net Assets	$	822,055,469		$	219,665,878	$	28,191,292		$	345,243,507		$	130,127,568

Shares outstanding (unlimited amount authorized, $0.01 par value)		15,090,000			8,790,001		1,880,001			7,960,000			3,220,001
Net asset value	$	54.48		$	24.99	$	15.00		$	43.37		$	40.41

Market price	$	54.49		$	24.98	$	14.99		$	43.36		$	40.42

Unaffiliated investments in securities, at cost	$	770,915,110		$	186,993,949	$	31,322,400		$	343,523,639		$	118,169,286

Affiliated investments in securities, at cost	$	35,434,130		$	46,086,200	$	7,934,139		$	41,643,416		$	29,042,445

^(a)Includes securities on loan with an aggregate value of:	$	34,390,187		$	45,289,450	$	7,917,719		$	40,915,900		$	28,476,561

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		76

(This Page Intentionally Left Blank)


		77

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco ESG S&P 500 Equal Weight ETF (RSPE)				Invesco MSCI USA ETF (PBUS)				Invesco Russell 1000 Equal Weight ETF (EQAL)				Invesco S&P 500^® Enhanced Value ETF (SPVU)				Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)
Investment income:
Unaffiliated dividend income		$	98,284			$	27,826,019			$	6,589,781			$	1,427,679			$	574,675
Affiliated dividend income			1,318				34,970				16,726				5,666				187
Securities lending income, net			421				751,093				275,048				918				1,022
Foreign withholding tax			-				(10,012	)			(10,410	)			(609	)			-

Total investment income			100,023				28,602,070				6,871,145				1,433,654				575,884


Expenses:
Unitary management fees			9,145				709,205				600,373				57,975				54,620
Tax expenses			-				-				-				-				-

Total expenses			9,145				709,205				600,373				57,975				54,620

Less: Waivers			(2	)			(573	)			(134	)			(23	)			(4	)

Net expenses			9,143				708,632				600,239				57,952				54,616

Net investment income			90,880				27,893,438				6,270,906				1,375,702				521,268


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(60,345	)			(12,741,918	)			(7,800,058	)			(386,558	)			(992,947	)
Affiliated investment securities			273				(183,471	)			44,333				(2,638	)			719
Unaffiliated in-kind redemptions			163,049				33,154,333				20,512,971				808,261				598,848
Affiliated in-kind redemptions			(3,745	)			126				(2,272	)			(4,882	)			-

Net realized gain (loss)			99,232				20,229,070				12,754,974				414,183				(393,380	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			461,203				487,777,743				13,709,660				10,886,746				2,321,221
Affiliated investment securities			(302	)			192,574				(23,492	)			(2,956	)			(22	)

Change in net unrealized appreciation (depreciation)			460,901				487,970,317				13,686,168				10,883,790				2,321,199

Net realized and unrealized gain			560,133				508,199,387				26,441,142				11,297,973				1,927,819

Net increase in net assets resulting from operations		$	651,013			$	536,092,825			$	32,712,048			$	12,673,675			$	2,449,087

^(a)	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		78


Invesco S&P 500^® High Beta ETF (SPHB)				Invesco S&P 500 High Dividend Growers ETF (DIVG)^(a)				Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)				Invesco S&P 500^® Low Volatility ETF (SPLV)				Invesco S&P 500 Minimum Variance ETF (SPMV)				Invesco S&P 500^® Momentum ETF (SPMO)			Invesco S&P 500 QVM Multi-factor ETF (QVML)			Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
	$	3,185,329			$	24,790			$	70,514,833			$	105,847,958			$	149,315		$	1,747,971		$	6,639,225			$	2,180,286
		136,647				7				21,383				36,208				152			3,005			14,848				2,267
		42,551				-				59,350				138,250				35			939			13,493				33,103
		(8,296	)			(2,164	)			-				-				-			-			(2,216	)			-

		3,356,231				22,633				70,595,566				106,022,416				149,502			1,751,915			6,665,350				2,215,656


		636,530				2,450				4,360,571				10,178,220				7,033			179,088			467,805				198,100
		-				405				-				-				-			-			-				-

		636,530				2,855				4,360,571				10,178,220				7,033			179,088			467,805				198,100

		(77	)			-				(484	)			(781	)			(3	)		(59	)		(210	)			(48	)

		636,453				2,855				4,360,087				10,177,439				7,030			179,029			467,595				198,052

		2,719,778				19,778				66,235,479				95,844,977				142,472			1,572,886			6,197,755				2,017,604


		(12,974,821	)			3,425				(72,004,745	)			(207,115,592	)			(921,969	)		(3,191,494	)		(6,398,153	)			(440,704	)
		(141,992	)			-				19,787				82,930				(14	)		(1,178	)		7,661				17,271
		38,340,820				-				14,350,123				104,608,602				2,169,170			12,196,466			11,726,551				-
		67,300				-				-				-				-			-			(557	)			-

		25,291,307				3,425				(57,634,835	)			(102,424,060	)			1,247,187			9,003,794			5,335,502				(423,433	)


		17,459,116				113,597				140,330,166				461,753,643				(515,197	)		84,498,666			111,138,216				26,221,765
		(44,643	)			-				(1,106	)			(10,563	)			(41	)		(164	)		(4,506	)			(4,286	)

		17,414,473				113,597				140,329,060				461,743,080				(515,238	)		84,498,502			111,133,710				26,217,479

		42,705,780				117,022				82,694,225				359,319,020				731,949			93,502,296			116,469,212				25,794,046

	$	45,425,558			$	136,800			$	148,929,704			$	455,163,997			$	874,421		$	95,075,182		$	122,666,967			$	27,811,650


		79

Statements of Operations–(continued)

For the six months ended February 29, 2024

(Unaudited)


	Invesco S&P MidCap Low Volatility ETF (XMLV)				Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)				Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)				Invesco S&P SmallCap Low Volatility ETF (XSLV)				Invesco S&P SmallCap Quality ETF (XSHQ)
Investment income:
Unaffiliated dividend income		$	11,918,365			$	1,797,969			$	807,016			$	5,567,615			$	666,295
Affiliated dividend income			7,997				1,783				331				6,895				557
Securities lending income, net			51,115				49,763				6,382				38,934				13,273
Foreign withholding tax			-				(1,574	)			-				(3,859	)			(2,622	)

Total investment income			11,977,477				1,847,941				813,729				5,609,585				677,503


Expenses:
Unitary management fees			1,052,392				150,608				33,172				475,087				117,969

Less: Waivers			(176	)			(36	)			(7	)			(138	)			(11	)

Net expenses			1,052,216				150,572				33,165				474,949				117,958

Net investment income			10,925,261				1,697,369				780,564				5,134,636				559,545


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(7,037,152	)			(1,918,631	)			(1,188,053	)			(1,241,559	)			(644,121	)
Affiliated investment securities			31,644				19,584				2,817				23,445				5,899
In-kind redemptions			11,387,648				1,120,640				140,848				5,841,386				3,534,695

Net realized gain (loss)			4,382,140				(778,407	)			(1,044,388	)			4,623,272				2,896,473

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			39,768,203				15,707,945				(332,535	)			12,873,022				7,804,843
Affiliated investment securities			(3,447	)			(6,146	)			(633	)			(4,323	)			(2,818	)

Change in net unrealized appreciation (depreciation)			39,764,756				15,701,799				(333,168	)			12,868,699				7,802,025

Net realized and unrealized gain (loss)			44,146,896				14,923,392				(1,377,556	)			17,491,971				10,698,498

Net increase (decrease) in net assets resulting from operations		$	55,072,157			$	16,620,761			$	(596,992	)		$	22,626,607			$	11,258,043

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		80

(This Page Intentionally Left Blank)


		81

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco ESG S&P 500 Equal Weight ETF (RSPE)						Invesco MSCI USA ETF (PBUS)
	Six Months Ended February 29, 2024			Year Ended August 31, 2023			Six Months Ended February 29, 2024			Year Ended August 31, 2023
Operations:
Net investment income	$	90,880		$	209,429		$	27,893,438		$	37,499,968
Net realized gain (loss)		99,232			(197,390	)		20,229,070			12,818,460
Change in net unrealized appreciation (depreciation)		460,901			833,672			487,970,317			294,217,722

Net increase in net assets resulting from operations		651,013			845,711			536,092,825			344,536,150


Distributions to Shareholders from:
Distributable earnings		(99,769	)		(202,615	)		(24,049,501	)		(37,261,216	)


Shareholder Transactions:
Proceeds from shares sold		-			4,541,830			1,107,043,944			746,359,472
Value of shares repurchased		(3,313,271	)		(3,262,900	)		(142,236,807	)		(299,058,051	)

Net increase (decrease) in net assets resulting from share transactions		(3,313,271	)		1,278,930			964,807,137			447,301,421

Net increase (decrease) in net assets		(2,762,027	)		1,922,026			1,476,850,461			754,576,355


Net assets:
Beginning of period		11,490,567			9,568,541			3,035,621,465			2,281,045,110

End of period	$	8,728,540		$	11,490,567		$	4,512,471,926		$	3,035,621,465


Changes in Shares Outstanding:
Shares sold		-			200,000			24,200,000			16,925,000
Shares repurchased		(150,000	)		(150,000	)		(3,200,000	)		(7,175,000	)
Shares outstanding, beginning of period		500,001			450,001			67,475,001			57,725,001

Shares outstanding, end of period		350,001			500,001			88,475,001			67,475,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		82


Invesco Russell 1000 Equal Weight ETF (EQAL)								Invesco S&P 500^® Enhanced Value ETF (SPVU)								Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)								Invesco S&P 500^® High Beta ETF (SPHB)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
	$	6,270,906			$	11,519,903			$	1,375,702			$	3,636,378			$	521,268			$	1,206,888			$	2,719,778			$	3,618,192
		12,754,974				(25,354,929	)			414,183				(6,490,551	)			(393,380	)			418,945				25,291,307				(49,361,473	)
		13,686,168				35,731,685				10,883,790				3,696,712				2,321,199				(1,333,424	)			17,414,473				99,839,961

		32,712,048				21,896,659				12,673,675				842,539				2,449,087				292,409				45,425,558				54,096,680

		(6,635,348	)			(11,211,391	)			(1,460,189	)			(3,745,870	)			(610,709	)			(1,214,873	)			(2,519,286	)			(3,617,061	)


		18,111,197				125,436,020				17,908,566				75,497,290				-				10,985,778				302,147,778				821,389,561
		(114,955,765	)			(94,181,729	)			(13,338,383	)			(126,224,423	)			(7,061,370	)			(17,615,459	)			(447,700,633	)			(813,101,879	)


		(96,844,568	)			31,254,291				4,570,183				(50,727,133	)			(7,061,370	)			(6,629,681	)			(145,552,855	)			8,287,682

		(70,767,868	)			41,939,559				15,783,669				(53,630,464	)			(5,222,992	)			(7,552,145	)			(102,646,583	)			58,767,301


		659,407,521				617,467,962				91,004,297				144,634,761				46,537,776				54,089,921				586,451,514				527,684,213

	$	588,639,653			$	659,407,521			$	106,787,966			$	91,004,297			$	41,314,784			$	46,537,776			$	483,804,931			$	586,451,514


		450,000				3,075,000				410,000				1,830,000				-				230,000				4,030,000				11,680,000
		(2,800,000	)			(2,350,000	)			(320,000	)			(3,180,000	)			(150,000	)			(370,000	)			(6,010,000	)			(12,150,000	)
		15,600,001				14,875,001				2,210,001				3,560,001				1,000,001				1,140,001				7,710,000				8,180,000

		13,250,001				15,600,001				2,300,001				2,210,001				850,001				1,000,001				5,730,000				7,710,000


		83

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco S&P 500 High Dividend Growers ETF (DIVG)			Invesco S&P 500^® High) Dividend Low Volatility ETF (SPHD)
	Period Ended February 29, 2024^(a)			Six Months Ended February 29, 2024			Year Ended August 31, 2023
Operations:
Net investment income		$ 19,778			$66,235,479			$151,894,238
Net realized gain (loss)		3,425			(57,634,835	)		(70,956,259	)
Change in net unrealized appreciation (depreciation)		113,597			140,329,060			(174,943,861	)

Net increase (decrease) in net assets resulting from operations		136,800			148,929,704			(94,005,882	)


Distributions to Shareholders from:
Distributable earnings		(7,886	)		(71,189,748	)		(149,959,572	)


Shareholder Transactions:
Proceeds from shares sold		2,577,315			200,333,133			1,158,655,819
Value of shares repurchased		-			(574,649,904	)		(1,597,329,380	)

Net increase (decrease) in net assets resulting from share transactions		2,577,315			(374,316,771	)		(438,673,561	)

Net increase (decrease) in net assets		2,706,229			(296,576,815	)		(682,639,015	)


Net assets:
Beginning of period		-			3,125,344,825			3,807,983,840

End of period		$2,706,229			$2,828,768,010			$3,125,344,825


Changes in Shares Outstanding:
Shares sold		100,001			4,920,000			26,430,000
Shares repurchased		-			(14,090,000	)		(37,230,000	)
Shares outstanding, beginning of period		-			75,920,000			86,720,000

Shares outstanding, end of period		100,001			66,750,000			75,920,000

^(a)	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		84


Invesco S&P 500^® Low Volatility ETF (SPLV)								Invesco S&P 500 Minimum Variance ETF (SPMV)								Invesco S&P 500^® Momentum ETF (SPMO)								Invesco S&P 500 QVM Multi-factor ETF (QVML)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
	$	95,844,977			$	232,765,306			$	142,472			$	434,432			$	1,572,886			$	4,159,344			$	6,197,755			$	14,252,213
		(102,424,060	)			(315,078,468	)			1,247,187				90,240				9,003,794				(12,985,832	)			5,335,502				5,635,464
		461,743,080				(38,059,952	)			(515,238	)			699,937				84,498,502				20,271,754				111,133,710				94,618,869

		455,163,997				(120,373,114	)			874,421				1,224,609				95,075,182				11,445,266				122,666,967				114,506,546


		(108,040,391	)			(227,021,350	)			(183,256	)			(418,555	)			(1,704,416	)			(3,947,923	)			(6,239,716	)			(14,198,526	)


		1,114,780,481				3,109,749,035				4,554,728				6,156,009				518,507,575				184,709,966				4,358,918				274,360,733
		(2,123,018,513	)			(5,019,323,675	)			(19,274,756	)			(5,764,893	)			(90,384,582	)			(108,608,457	)			(51,774,517	)			(249,520,869	)

		(1,008,238,032	)			(1,909,574,640	)			(14,720,028	)			391,116				428,122,993				76,101,509				(47,415,599	)			24,839,864

		(661,114,426	)			(2,256,969,104	)			(14,028,863	)			1,197,170				521,493,759				83,598,852				69,011,652				125,147,884


		8,716,015,634				10,972,984,738				22,775,391				21,578,221				197,572,112				113,973,260				849,202,441				724,054,557

	$	8,054,901,208			$	8,716,015,634			$	8,746,528			$	22,775,391			$	719,065,871			$	197,572,112			$	918,214,093			$	849,202,441


		18,030,000				49,610,000				120,000				170,000				7,460,000				3,280,000				150,000				11,750,000
		(34,520,000	)			(80,970,000	)			(510,000	)			(160,000	)			(1,510,000	)			(1,990,000	)			(1,850,000	)			(10,250,000	)
		142,290,000				173,650,000				600,001				590,001				3,390,001				2,100,001				32,200,001				30,700,001

		125,800,000				142,290,000				210,001				600,001				9,340,001				3,390,001				30,500,001				32,200,001


		85

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)								Invesco S&P MidCap Low Volatility ETF (XMLV)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	2,017,604			$	3,848,775			$	10,925,261			$	25,537,526
Net realized gain (loss)			(423,433	)			(9,671,108	)			4,382,140				(24,991,155	)
Change in net unrealized appreciation (depreciation)			26,217,479				31,244,799				39,764,756				9,419,336

Net increase (decrease) in net assets resulting from operations			27,811,650				25,422,466				55,072,157				9,965,707


Distributions to Shareholders from:
Distributable earnings			(1,870,762	)			(3,932,590	)			(9,498,253	)			(25,580,808	)


Shareholder Transactions:
Proceeds from shares sold			-				13,190,356				7,611,438				307,556,578
Value of shares repurchased			-				(11,374,029	)			(130,034,507	)			(556,086,436	)

Net increase (decrease) in net assets resulting from share transactions			-				1,816,327				(122,423,069	)			(248,529,858	)

Net increase (decrease) in net assets			25,940,888				23,306,203				(76,849,165	)			(264,144,959	)


Net assets:
Beginning of period			267,668,121				244,361,918				898,904,634				1,163,049,593

End of period		$	293,609,009			$	267,668,121			$	822,055,469			$	898,904,634


Changes in Shares Outstanding:
Shares sold			-				600,000				150,000				5,610,000
Shares repurchased			-				(510,000	)			(2,510,000	)			(10,300,000	)
Shares outstanding, beginning of period			10,960,001				10,870,001				17,450,000				22,140,000

Shares outstanding, end of period			10,960,001				10,960,001				15,090,000				17,450,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		86


Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)								Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)								Invesco S&P SmallCap Low Volatility ETF (XSLV)								Invesco S&P SmallCap Quality ETF (XSHQ)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	1,697,369			$	2,324,845			$	780,564			$	1,063,013			$	5,134,636			$	15,200,784			$	559,545			$	492,578
		(778,407	)			(7,346,457	)			(1,044,388	)			(4,665,336	)			4,623,272				(98,175,351	)			2,896,473				(1,505,923	)
		15,701,799				18,839,236				(333,168	)			535,562				12,868,699				39,106,315				7,802,025				5,352,855

		16,620,761				13,817,624				(596,992	)			(3,066,761	)			22,626,607				(43,868,252	)			11,258,043				4,339,510


		(1,566,940	)			(2,116,823	)			(865,077	)			(1,539,401	)			(4,722,420	)			(17,648,492	)			(413,285	)			(507,211	)


		3,397,902				94,043,570				11,594,228				9,918,697				780,392				53,944,271				98,876,412				34,367,485
		(1,723,573	)			(1,117,471	)			(1,077,518	)			(11,052,463	)			(81,466,717	)			(310,766,146	)			(27,773,054	)			(18,703,064	)


		1,674,329				92,926,099				10,516,710				(1,133,766	)			(80,686,325	)			(256,821,875	)			71,103,358				15,664,421

		16,728,150				104,626,900				9,054,641				(5,739,928	)			(62,782,138	)			(318,338,619	)			81,948,116				19,496,720


		202,937,728				98,310,828				19,136,651				24,876,579				408,025,645				726,364,264				48,179,452				28,682,732

	$	219,665,878			$	202,937,728			$	28,191,292			$	19,136,651			$	345,243,507			$	408,025,645			$	130,127,568			$	48,179,452


		140,000				4,330,000				750,000				550,000				20,000				1,220,000				2,630,000				980,000
		(70,000	)			(50,000	)			(70,000	)			(660,000	)			(1,920,000	)			(7,480,000	)			(710,000	)			(550,000	)
		8,720,001				4,440,001				1,200,001				1,310,001				9,860,000				16,120,000				1,300,001				870,001

		8,790,001				8,720,001				1,880,001				1,200,001				7,960,000				9,860,000				3,220,001				1,300,001


		87

Financial Highlights

Invesco ESG S&P 500 Equal Weight ETF (RSPE)


	Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31, 2023				For the Period November 15, 2021^(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	22.98			$	21.26			$	25.00

Net investment income^(b)			0.23				0.43				0.34
Net realized and unrealized gain (loss) on investments			1.97				1.71				(3.81	)

Total from investment operations			2.20				2.14				(3.47	)

Distributions to shareholders from:
Net investment income			(0.24	)			(0.42	)			(0.27	)

Net asset value at end of period		$	24.94			$	22.98			$	21.26

Market price at end of period^(c)		$	24.92			$	22.99			$	21.28

Net Asset Value Total Return^(d)			9.64	%			10.21	%			(13.93	)%^(e)
Market Price Total Return^(d)			9.51	%			10.15	%			(13.85	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,729			$	11,491			$	9,569
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%			0.20	%^(f)
Net investment income			1.99	%^(f)			1.93	%			1.85	%^(f)
Portfolio turnover rate^(g)			9	%			33	%			45	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (November 17, 2021, the first day of trading on the exchange) to August 31, 2022 was (13.61)%. The market price total return from Fund Inception to August 31, 2022 was (13.57)%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		88

Financial Highlights–(continued)

Invesco MSCI USA ETF (PBUS)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
	Six Months Ended February 29, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	44.99			$	39.52			$	46.14			$	35.42			$	29.16			$	29.09

Net investment income^(a)			0.36				0.65				0.63				0.57				0.56				0.48
Net realized and unrealized gain (loss) on investments			5.97				5.47				(6.63	)			10.58				6.21				0.19

Total from investment operations			6.33				6.12				(6.00	)			11.15				6.77				0.67


Distributions to shareholders from:
Net investment income			(0.32	)			(0.65	)			(0.61	)			(0.43	)			(0.51	)			(0.53	)
Net realized gains			-				-				(0.01	)			-				-				(0.07	)

Total distributions			(0.32	)			(0.65	)			(0.62	)			(0.43	)			(0.51	)			(0.60	)

Net asset value at end of period		$	51.00			$	44.99			$	39.52			$	46.14			$	35.42			$	29.16

Market price at end of period^(b)		$	50.96			$	44.99			$	39.55			$	46.14			$	35.61			$	29.16

Net Asset Value Total Return^(c)			14.15	%			15.72	%			(13.10	)%			31.79	%			23.71	%			2.48	%
Market Price Total Return^(c)			14.06	%			15.63	%			(13.03	)%			31.07	%			24.36	%			2.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,512,472			$	3,035,621			$	2,281,045			$	2,174,202			$	8,855			$	2,916
Ratio to average net assets of:
Expenses			0.04	%^(d)			0.04	%			0.04	%			0.04	%			0.04	%			0.29	%^(e)
Net investment income			1.57	%^(d)			1.61	%			1.44	%			1.32	%			1.82	%			1.70	%^(e)
Portfolio turnover rate^(f)			2	%			3	%			3	%			6	%			5	%			5	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.25%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		89

Financial Highlights–(continued)

Invesco Russell 1000 Equal Weight ETF (EQAL)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,
	Six Months Ended February 29, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	42.27			$	41.51			$	46.30			$	33.47			$	31.51			$	33.30

Net investment income^(a)			0.43				0.78				0.73				0.61				0.61				0.53
Net realized and unrealized gain (loss) on investments			2.17				0.75				(4.86	)			12.90				2.01				(1.84	)

Total from investment operations			2.60				1.53				(4.13	)			13.51				2.62				(1.31	)

Distributions to shareholders from:
Net investment income			(0.44	)			(0.77	)			(0.66	)			(0.68	)			(0.66	)			(0.48	)

Net asset value at end of period		$	44.43			$	42.27			$	41.51			$	46.30			$	33.47			$	31.51

Market price at end of period^(b)		$	44.39			$	42.28			$	41.54			$	46.28			$	33.52			$	31.51

Net Asset Value Total Return^(c)			6.22	%			3.80	%			(8.96	)%			40.74	%			8.71	%			(3.88	)%
Market Price Total Return^(c)			6.10	%			3.75	%			(8.86	)%			40.46	%			8.87	%			(3.91	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	588,640			$	659,408			$	617,468			$	673,641			$	475,339			$	560,932
Ratio to average net assets of:
Expenses			0.20	%^(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment income			2.09	%^(d)			1.90	%			1.64	%			1.49	%			1.95	%			1.67	%
Portfolio turnover rate^(e)			13	%			27	%			27	%			40	%			29	%			27	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		90

Financial Highlights–(continued)

Invesco S&P 500^® Enhanced Value ETF (SPVU)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.18			$	40.63			$	42.47			$	28.77			$	33.42			$	35.99

Net investment income^(a)			0.65				1.23				1.02				0.96				0.99				0.93
Net realized and unrealized gain (loss) on investments			5.32				0.47	^(b)			(1.78	)			13.63				(4.69	)			(2.67	)

Total from investment operations			5.97				1.70				(0.76	)			14.59				(3.70	)			(1.74	)

Distributions to shareholders from:
Net investment income			(0.72	)			(1.15	)			(1.08	)			(0.89	)			(0.95	)			(0.83	)

Net asset value at end of period		$	46.43			$	41.18			$	40.63			$	42.47			$	28.77			$	33.42

Market price at end of period^(c)		$	46.41			$	41.19			$	40.65			$	42.44			$	28.82			$	33.45

Net Asset Value Total Return^(d)			14.65	%			4.33	%			(1.85	)%			51.49	%			(11.04	)%			(4.79	)%
Market Price Total Return^(d)			14.57	%			4.31	%			(1.72	)%			51.13	%			(10.97	)%			(4.76	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	106,788			$	91,004			$	144,635			$	145,243			$	69,042			$	60,160
Ratio to average net assets of:
Expenses			0.13	%^(e)			0.13	%			0.13	%			0.13	%			0.13	%			0.15	%^(f)
Net investment income			3.08	%^(e)			3.00	%			2.36	%			2.53	%			3.14	%			2.72	%^(f)
Portfolio turnover rate^(g)			14	%			39	%			32	%			36	%			39	%			54	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		91

Financial Highlights–(continued)

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	46.54			$	47.45			$	49.30			$	39.43			$	38.76			$	36.10

Net investment income^(a)			0.55				1.10				0.94				0.57				0.72				0.63
Net realized and unrealized gain (loss) on investments			2.04				(0.90	)			(1.94	)			9.88				0.71				2.68

Total from investment operations			2.59				0.20				(1.00	)			10.45				1.43				3.31

Distributions to shareholders from:
Net investment income			(0.52	)			(1.11	)			(0.85	)			(0.58	)			(0.76	)			(0.65	)

Net asset value at end of period		$	48.61			$	46.54			$	47.45			$	49.30			$	39.43			$	38.76

Market price at end of period^(b)		$	48.59			$	46.53			$	47.49			$	49.27			$	39.49			$	38.77

Net Asset Value Total Return^(c)			5.90	%			0.39	%			(2.04	)%			26.73	%			3.86	%			9.35	%
Market Price Total Return^(c)			5.88	%			0.29	%			(1.90	)%			26.46	%			3.99	%			9.35	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	41,315			$	46,538			$	54,090			$	52,256			$	69,002			$	166,657
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.26	%^(e)
Net investment income			2.39	%^(d)			2.31	%			1.94	%			1.33	%			1.87	%			1.74	%^(e)
Portfolio turnover rate^(f)			31	%			60	%			77	%			64	%			84	%			62	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		92

Financial Highlights–(continued)

Invesco S&P 500^® High Beta ETF (SPHB)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	76.06			$	64.51			$	74.74			$	43.73			$	40.44			$	45.25

Net investment income^(a)			0.40				0.45				0.51				0.89				0.99	^(b)			0.44
Net realized and unrealized gain (loss) on investments			8.31				11.54				(10.12	)			30.93				3.25				(4.67	)

Total from investment operations			8.71				11.99				(9.61	)			31.82				4.24				(4.23	)

Distributions to shareholders from:
Net investment income			(0.34	)			(0.44	)			(0.62	)			(0.81	)			(0.95	)			(0.58	)

Net asset value at end of period		$	84.43			$	76.06			$	64.51			$	74.74			$	43.73			$	40.44

Market price at end of period^(c)		$	84.36			$	76.05			$	64.58			$	74.75			$	43.83			$	40.46

Net Asset Value Total Return^(d)			11.51	%			18.68	%			(12.92	)%			73.38	%			11.38	%			(9.32	)%
Market Price Total Return^(d)			11.42	%			18.54	%			(12.84	)%			73.01	%			11.59	%			(9.33	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	483,805			$	586,452			$	527,684			$	1,679,341			$	131,175			$	90,993
Ratio to average net assets of:
Expenses			0.25	%^(e)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income			1.07	%^(e)			0.65	%			0.69	%			1.30	%			2.39	%^(b)			1.07	%
Portfolio turnover rate^(f)			43	%			66	%			76	%			103	%			113	%			69	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		93

Financial Highlights–(continued)

Invesco S&P 500 High Dividend Growers ETF (DIVG)


	For the Period December 4, 2023^(a)Through February 29, 2024 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.20
Net realized and unrealized gain on investments			1.94

Total from investment operations			2.14

Distributions to shareholders from:

Net investment income			(0.08	)

Net asset value at end of period		$	27.06

Market price at end of period^(c)		$	27.05

Net Asset Value Total Return^(d)			8.56	%^(e)
Market Price Total Return^(d)			8.52	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,706
Ratio to average net assets of:
Expenses			0.45	%^(f)
Net investment income			3.15	%⁽^f)
Portfolio turnover rate^(g)			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to February 29, 2024 was 5.81%. The market price total return from Fund Inception to February 29, 2024 was 5.77%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		94

Financial Highlights–(continued)

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.17			$	43.91			$	44.24			$	34.10			$	40.52			$	41.68

Net investment income^(a)			0.92				1.80				1.60				1.57				1.53				1.64
Net realized and unrealized gain (loss) on investments			1.28				(2.76	)			(0.27	)			10.21				(6.10	)			(1.06	)

Total from investment operations			2.20				(0.96	)			1.33				11.78				(4.57	)			0.58

Distributions to shareholders from:
Net investment income			(0.99	)			(1.78	)			(1.66	)			(1.64	)			(1.85	)			(1.74	)

Net asset value at end of period		$	42.38			$	41.17			$	43.91			$	44.24			$	34.10			$	40.52

Market price at end of period^(b)		$	42.35			$	41.16			$	43.96			$	44.23			$	34.16			$	40.55

Net Asset Value Total Return^(c)			5.48	%			(2.20	)%			3.02	%			35.25	%			(11.46	)%			1.42	%
Market Price Total Return^(c)			5.43	%			(2.34	)%			3.15	%			34.98	%			(11.37	)%			1.49	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,828,768			$	3,125,345			$	3,807,984			$	3,034,476			$	2,446,739			$	3,304,185
Ratio to average net assets of:
Expenses			0.30	%^(d)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Net investment income			4.56	%^(d)			4.24	%			3.56	%			3.90	%			4.02	%			3.97	%
Portfolio turnover rate^(e)			32	%			67	%			60	%			45	%			76	%			43	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		95

Financial Highlights–(continued)

Invesco S&P 500^® Low Volatility ETF (SPLV)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	61.26			$	63.19			$	64.07			$	54.69			$	56.75			$	49.77

Net investment income^(a)			0.72				1.46				1.35				0.91				1.27				1.16
Net realized and unrealized gain (loss) on investments			2.86				(1.95	)			(0.96	)			9.42				(2.01	)			6.96

Total from investment operations			3.58				(0.49	)			0.39				10.33				(0.74	)			8.12

Distributions to shareholders from:
Net investment income			(0.81	)			(1.44	)			(1.27	)			(0.95	)			(1.32	)			(1.14	)

Net asset value at end of period		$	64.03			$	61.26			$	63.19			$	64.07			$	54.69			$	56.75

Market price at end of period^(b)		$	63.98			$	61.25			$	63.25			$	64.05			$	54.77			$	56.77

Net Asset Value Total Return^(c)			5.91	%			(0.80	)%			0.60	%			19.09	%			(1.19	)%			16.57	%
Market Price Total Return^(c)			5.85	%			(0.91	)%			0.73	%			18.87	%			(1.08	)%			16.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,054,901			$	8,716,016			$	10,972,985			$	8,217,477			$	9,233,967			$	12,348,879
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income			2.35	%^(d)			2.35	%			2.10	%			1.58	%			2.33	%			2.24	%
Portfolio turnover rate^(e)			32	%			55	%			70	%			64	%			86	%			51	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		96

Financial Highlights–(continued)

Invesco S&P 500 Minimum Variance ETF (SPMV)


	Six Months Ended February 29, 2024			Years Ended August 31,
	(Unaudited)			2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period	$	37.96		$	36.57		$	39.16		$	32.31		$	30.22		$	29.19

Net investment income^(a)		0.38			0.71			0.63			0.60			0.63			0.46
Net realized and unrealized gain (loss) on investments		3.84			1.37			(2.60	)		6.70			2.57			1.65

Total from investment operations		4.22			2.08			(1.97	)		7.30			3.20			2.11

Distributions to shareholders from:
Net investment income		(0.53	)		(0.69	)		(0.62	)		(0.45	)		(0.58	)		(0.55	)
Net realized gains		-			-			-			-			(0.53	)		(0.53	)

Total distributions		(0.53	)		(0.69	)		(0.62	)		(0.45	)		(1.11	)		(1.08	)

Net asset value at end of period	$	41.65		$	37.96		$	36.57		$	39.16		$	32.31		$	30.22

Market price at end of period^(b)	$	41.59		$	37.94		$	36.60		$	39.22		$	32.39		$	30.24

Net Asset Value Total Return^(c)		11.23	%		5.78	%		(5.08	)%		22.82	%		11.02	%		7.86	%
Market Price Total Return^(c)		11.12	%		5.63	%		(5.14	)%		22.71	%		11.22	%		7.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	8,747		$	22,775		$	21,578		$	24,277		$	4,847		$	1,511
Ratio to average net assets of:
Expenses		0.10	%^(d)		0.10	%		0.10	%		0.10	%		0.10	%		0.58	%^(e)
Net investment income		2.03	%^(d)		1.92	%		1.62	%		1.67	%		2.11	%		1.62	%^(e)
Portfolio turnover rate^(f)		40	%		24	%		20	%		22	%		20	%		34	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.48%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		97

Financial Highlights–(continued)

Invesco S&P 500^® Momentum ETF (SPMO)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	58.28			$	54.27			$	63.43			$	50.95			$	40.57			$	40.07

Net investment income^(a)			0.36				1.27				0.75				0.38				0.62				0.51
Net realized and unrealized gain (loss) on investments			18.79				3.94				(9.34	)			12.58				10.42				0.46

Total from investment operations			19.15				5.21				(8.59	)			12.96				11.04				0.97

Distributions to shareholders from:
Net investment income			(0.44	)			(1.20	)			(0.57	)			(0.48	)			(0.66	)			(0.47	)

Net asset value at end of period		$	76.99			$	58.28			$	54.27			$	63.43			$	50.95			$	40.57

Market price at end of period^(b)		$	76.97			$	58.33			$	54.36			$	63.41			$	51.10			$	40.59

Net Asset Value Total Return^(c)			33.07	%			9.79	%			(13.60	)%			25.65	%			27.77	%			2.52	%
Market Price Total Return^(c)			32.92	%			9.71	%			(13.43	)%			25.24	%			28.08	%			2.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	719,066			$	197,572			$	113,973			$	88,166			$	73,872			$	75,053
Ratio to average net assets of:
Expenses			0.13	%^(d)			0.13	%			0.13	%			0.13	%			0.13	%			0.14	%^(e)
Net investment income			1.14	%^(d)			2.29	%			1.25	%			0.70	%			1.48	%			1.32	%^(e)
Portfolio turnover rate^(f)			51	%			81	%			124	%			70	%			90	%			83	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		98

Financial Highlights–(continued)

Invesco S&P 500 QVM Multi-factor ETF (QVML)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,								For the Period June 28, 2021^(a)Through August 31, 2021
	Six Months Ended February 29, 2024 (Unaudited)				2023				2022				For the Period June 28, 2021^(a)Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.37			$	23.58			$	26.43			$	25.00

Net investment income^(b)			0.20				0.41				0.38				0.06
Net realized and unrealized gain (loss) on investments			3.73				2.79				(2.86	)			1.37

Total from investment operations			3.93				3.20				(2.48	)			1.43

Distributions to shareholders from:
Net investment income			(0.19	)			(0.41	)			(0.37	)			-

Net asset value at end of period		$	30.11			$	26.37			$	23.58			$	26.43

Market price at end of period^(c)		$	30.10			$	26.38			$	23.62			$	26.44

Net Asset Value Total Return^(d)			15.01	%			13.76	%			(9.47	)%			5.72	%^(e)
Market Price Total Return^(d)			14.93	%			13.61	%			(9.36	)%			5.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	918,214			$	849,202			$	724,055			$	792,855
Ratio to average net assets of:
Expenses			0.11	%^(f)			0.11	%			0.11	%			0.11	%^(f)
Net investment income			1.46	%^(f)			1.71	%			1.47	%			1.34	%^(f)
Portfolio turnover rate^(g)			10	%			20	%			18	%			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		99

Financial Highlights–(continued)

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)


	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period June 28, 2021^(a)Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	24.42			$	22.48			$	25.53			$	25.00

Net investment income^(b)			0.18				0.35				0.33				0.04
Net realized and unrealized gain (loss) on investments			2.36				1.95				(3.05	)			0.49

Total from investment operations			2.54				2.30				(2.72	)			0.53

Distributions to shareholders from:
Net investment income			(0.17	)			(0.36	)			(0.33	)			-

Net asset value at end of period		$	26.79			$	24.42			$	22.48			$	25.53

Market price at end of period^(c)		$	26.78			$	24.42			$	22.50			$	25.53

Net Asset Value Total Return^(d)			10.47	%			10.37	%			(10.69	)%			2.12	%^(e)
Market Price Total Return^(d)			10.43	%			10.27	%			(10.62	)%			2.12	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	293,609			$	267,668			$	244,362			$	206,549
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%			0.15	%^(f)
Net investment income			1.53	%^(f)			1.51	%			1.38	%			0.98	%^(f)
Portfolio turnover rate^(g)			18	%			32	%			27	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		100

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	51.51			$	52.53			$	55.29			$	43.65			$	51.87			$	49.02

Net investment income^(a)			0.66				1.26				0.97				0.62				1.02				1.09
Net realized and unrealized gain (loss) on investments			2.87				(1.02	)			(2.84	)			11.59				(7.93	)			2.72

Total from investment operations			3.53				0.24				(1.87	)			12.21				(6.91	)			3.81

Distributions to shareholders from:
Net investment income			(0.56	)			(1.26	)			(0.89	)			(0.57	)			(1.31	)			(0.96	)

Net asset value at end of period		$	54.48			$	51.51			$	52.53			$	55.29			$	43.65			$	51.87

Market price at end of period^(b)		$	54.49			$	51.50			$	52.56			$	55.26			$	43.70			$	51.88

Net Asset Value Total Return^(c)			6.93	%			0.46	%			(3.38	)%			28.21	%			(13.26	)%			7.99	%
Market Price Total Return^(c)			6.96	%			0.38	%			(3.27	)%			27.99	%			(13.17	)%			7.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	822,055			$	898,905			$	1,163,050			$	1,453,542			$	2,042,702			$	3,231,736
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income			2.60	%^(d)			2.40	%			1.78	%			1.26	%			2.13	%			2.21	%
Portfolio turnover rate^(e)			31	%			76	%			61	%			57	%			84	%			61	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		101

Financial Highlights–(continued)

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)


	Six Months Ended February 29, 2024 (Unaudited)				Years Ended August 31,								For the Period June 28, 2021^(a)Through August 31, 2021
	Six Months Ended February 29, 2024 (Unaudited)				2023				2022				For the Period June 28, 2021^(a)Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	23.27			$	22.14			$	25.05			$	25.00

Net investment income^(b)			0.19				0.37				0.30				0.06
Net realized and unrealized gain (loss) on investments			1.71				1.14				(2.87	)			(0.01	)

Total from investment operations			1.90				1.51				(2.57	)			0.05

Distributions to shareholders from:
Net investment income			(0.18	)			(0.38	)			(0.34	)			-

Net asset value at end of period		$	24.99			$	23.27			$	22.14			$	25.05

Market price at end of period^(c)		$	24.98			$	23.30			$	22.18			$	25.05

Net Asset Value Total Return^(d)			8.22	%			6.92	%			(10.33	)%			0.20	%^(e)
Market Price Total Return^(d)			8.03	%			6.86	%			(10.17	)%			0.20	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	219,666			$	202,938			$	98,311			$	51,106
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%			0.15	%^(f)
Net investment income			1.69	%^(f)			1.65	%			1.27	%			1.51	%^(f)
Portfolio turnover rate^(g)			20	%			27	%			28	%			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		102

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	15.95			$	18.99			$	23.07			$	16.66			$	22.42			$	26.86

Net investment income^(a)			0.54				0.87				0.92				0.86				0.82				1.02
Net realized and unrealized gain (loss) on investments			(0.90	)			(2.64	)			(3.92	)			6.36				(5.31	)			(4.28	)

Total from investment operations			(0.36	)			(1.77	)			(3.00	)			7.22				(4.49	)			(3.26	)

Distributions to shareholders from:
Net investment income			(0.59	)			(1.27	)			(1.08	)			(0.81	)			(1.27	)			(1.18	)

Net asset value at end of period		$	15.00			$	15.95			$	18.99			$	23.07			$	16.66			$	22.42

Market price at end of period^(b)		$	14.99			$	15.95			$	19.02			$	23.06			$	16.69			$	22.35

Net Asset Value Total Return^(c)			(2.26	)%			(9.48	)%			(13.36	)%			43.97	%			(20.41	)%			(12.29	)%
Market Price Total Return^(c)			(2.33	)%			(9.63	)%			(13.19	)%			43.65	%			(20.01	)%			(12.52	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,191			$	19,137			$	24,877			$	21,690			$	20,827			$	23,536
Ratio to average net assets of:
Expenses			0.30	%^(d)			0.30	%			0.30	%			0.30	%			0.30	%			0.34	%^(e)
Net investment income			7.06	%^(d)			5.10	%			4.30	%			4.13	%			4.15	%			4.29	%^(e)
Portfolio turnover rate^(f)			49	%			68	%			67	%			72	%			83	%			67	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.04%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


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Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.38			$	45.06			$	48.74			$	35.24			$	47.57			$	51.10

Net investment income^(a)			0.56				1.11				1.01				0.65				1.08				1.24
Net realized and unrealized gain (loss) on investments			1.93				(3.61	)			(3.83	)			13.52				(12.05	)			(3.46	)

Total from investment operations			2.49				(2.50	)			(2.82	)			14.17				(10.97	)			(2.22	)

Distributions to shareholders from:
Net investment income			(0.50	)			(1.18	)			(0.86	)			(0.67	)			(1.36	)			(1.31	)

Net asset value at end of period		$	43.37			$	41.38			$	45.06			$	48.74			$	35.24			$	47.57

Market price at end of period^(b)		$	43.36			$	41.40			$	45.09			$	48.73			$	35.30			$	47.59

Net Asset Value Total Return^(c)			6.06	%			(5.62	)%			(5.81	)%			40.64	%			(23.22	)%			(4.17	)%
Market Price Total Return^(c)			5.98	%			(5.63	)%			(5.72	)%			40.38	%			(23.12	)%			(4.14	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	345,244			$	408,026			$	726,364			$	1,155,186			$	1,614,105			$	2,045,602
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income			2.70	%^(d)			2.54	%			2.09	%			1.55	%			2.55	%			2.62	%
Portfolio turnover rate^(e)			34	%			77	%			66	%			68	%			103	%			56	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


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Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)


	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	37.06			$	32.97			$	37.41			$	26.95			$	26.40			$	31.80

Net investment income^(a)			0.26				0.53				0.62				0.38				0.36				0.35
Net realized and unrealized gain (loss) on investments			3.31				4.14				(4.37	)			10.42				0.54				(5.41	)

Total from investment operations			3.57				4.67				(3.75	)			10.80				0.90				(5.06	)

Distributions to shareholders from:
Net investment income			(0.22	)			(0.58	)			(0.69	)			(0.34	)			(0.35	)			(0.34	)
Net realized gains			-				-				-				-				-				(0.00	)^(b)

Total distributions			(0.22	)			(0.58	)			(0.69	)			(0.34	)			(0.35	)			(0.34	)

Net asset value at end of period		$	40.41			$	37.06			$	32.97			$	37.41			$	26.95			$	26.40

Market price at end of period^(c)		$	40.42			$	37.10			$	32.99			$	37.43			$	26.99			$	26.39

Net Asset Value Total Return^(d)			9.67	%			14.39	%			(10.13	)%			40.38	%			3.61	%			(15.88	)%
Market Price Total Return^(d)			9.57	%			14.44	%			(10.12	)%			40.25	%			3.80	%			(15.94	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	130,128			$	48,179			$	28,683			$	40,030			$	4,043			$	3,960
Ratio to average net assets of:
Expenses			0.29	%^(e)			0.29	%			0.30	%			0.29	%			0.29	%			0.34	%^(f)
Net investment income			1.38	%^(e)			1.55	%			1.71	%			1.07	%			1.37	%			1.23	%^(f)
Portfolio turnover rate^(g)			40	%			84	%			60	%			90	%			107	%			52	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $(0.005).

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.05%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco ESG S&P 500 Equal Weight ETF (RSPE)		“ESG S&P 500 Equal Weight ETF”

Invesco MSCI USA ETF (PBUS)		“MSCI USA ETF”

Invesco Russell 1000 Equal Weight ETF (EQAL)		“Russell 1000 Equal Weight ETF”

Invesco S&P 500^® Enhanced Value ETF (SPVU)		“S&P 500^® Enhanced Value ETF”

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)		“S&P 500^® ex-Rate Sensitive Low Volatility ETF”

Invesco S&P 500^® High Beta ETF (SPHB)		“S&P 500^® High Beta ETF”

Invesco S&P 500 High Dividend Growers ETF (DIVG)		“S&P 500 High Dividend Growers ETF”

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)		“S&P 500^® High Dividend Low Volatility ETF”

Invesco S&P 500^® Low Volatility ETF (SPLV)		“S&P 500^® Low Volatility ETF”

Invesco S&P 500 Minimum Variance ETF (SPMV)		“S&P 500 Minimum Variance ETF”

Invesco S&P 500^® Momentum ETF (SPMO)		“S&P 500^® Momentum ETF”

Invesco S&P 500 QVM Multi-factor ETF (QVML)		“S&P 500 QVM Multi-factor ETF”

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)		“S&P MidCap 400 QVM Multi-factor ETF”

Invesco S&P MidCap Low Volatility ETF (XMLV)		“S&P MidCap Low Volatility ETF”

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)		“S&P SmallCap 600 QVM Multi-factor ETF”

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)		“S&P SmallCap High Dividend Low Volatility ETF”

Invesco S&P SmallCap Low Volatility ETF (XSLV)		“S&P SmallCap Low Volatility ETF”

Invesco S&P SmallCap Quality ETF (XSHQ)		“S&P SmallCap Quality ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of MSCI USA ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.


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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

ESG S&P 500 Equal Weight ETF		S&P 500 Equal Weight ESG Leaders Select Index

MSCI USA ETF		MSCI USA Index

Russell 1000 Equal Weight ETF		Russell 1000^® Equal Weight Index

S&P 500^® Enhanced Value ETF		S&P 500 Enhanced Value Index

S&P 500^® ex-Rate Sensitive Low Volatility ETF		S&P 500 Low Volatility Rate Response Index

S&P 500^® High Beta ETF		S&P 500^® High Beta Index

S&P 500 High Dividend Growers ETF		S&P 500^® High Dividend Growth Index

S&P 500^® High Dividend Low Volatility ETF		S&P 500^® Low Volatility High Dividend Index

S&P 500^® Low Volatility ETF		S&P 500^® Low Volatility Index

S&P 500 Minimum Variance ETF		S&P 500^® Minimum Volatility Index

S&P 500^® Momentum ETF		S&P 500 Momentum Index

S&P 500 QVM Multi-factor ETF		S&P 500^® Quality, Value & Momentum Top 90% Multi-Factor Index

S&P MidCap 400 QVM Multi-factor ETF		S&P MidCap 400^® Quality, Value & Momentum Top 90% Multi-Factor Index

S&P MidCap Low Volatility ETF		S&P MidCap 400^® Low Volatility Index

S&P SmallCap 600 QVM Multi-factor ETF		S&P SmallCap 600^® Quality, Value & Momentum Top 90% Multi-Factor Index

S&P SmallCap High Dividend Low Volatility ETF		S&P SmallCap 600^® Low Volatility High Dividend Index

S&P SmallCap Low Volatility ETF		S&P SmallCap 600^® Low Volatility Index

S&P SmallCap Quality ETF		S&P SmallCap 600^® Quality Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Investment Transactions and Investment Income -Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of


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capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Dividends and Distributions to Shareholders - Each Fund (except for S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500 High Dividend Growers ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500 High Dividend Growers ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.


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readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, each Fund (except for S&P 500 High Dividend Growers ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

ESG S&P 500^® Equal Weight ETF		$43

MSCI USA ETF		10,818

Russell 1000 Equal Weight ETF		12,560

S&P 500^® Enhanced Value ETF		106

S&P 500^® ex-Rate Sensitive Low Volatility ETF		107

S&P 500^® High Beta ETF		3,260

S&P 500 High Dividend Growers ETF		-


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	Amount

S&P 500^® High Dividend Low Volatility ETF		2,645

S&P 500^® Low Volatility ETF		6,790

S&P 500 Minimum Variance ETF		4

S&P 500^® Momentum ETF		107

S&P 500 QVM Multi-factor ETF		1,076

S&P MidCap 400 QVM Multi-factor ETF		2,765

S&P MidCap Low Volatility ETF		3,503

S&P SmallCap 600 QVM Multi-factor ETF		4,338

S&P SmallCap High Dividend Low Volatility ETF		534

S&P SmallCap Low Volatility ETF		2,825

S&P SmallCap Quality ETF		1,184

J.	Other Risks

ESG Risk. Because the underlying index of ESG S&P 500 Equal Weight ETF evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG S&P 500 Equal Weight ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund’s underlying index to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the index’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.


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Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Multifactor Investing Risk. For certain Funds, the Underlying Index seeks to emphasize certain factor exposures to securities within the eligible index universe, in accordance with the Underlying Index’s methodology. There is no assurance that targeting exposure to such factors will enhance an Underlying Index’s or a Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is also no guarantee an Underlying Index will achieve the specific factor exposures.

Non-Diversified Fund Risk. Because ESG S&P 500 Equal Weight ETF, S&P 500 High Dividend Growers ETF, S&P 500^® Momentum ETF, S&P 500 QVM Multi-factor ETF, S&P Midcap 400 QVM Multi-factor ETF and S&P SmallCap 600 QVM Multi-factor ETF are non-diversified, and to the extent MSCI USA ETF, S&P 500^® Enhanced Value ETF, S&P 500^® ex-Rate Sensitivity Low Volatility ETF, S&P 500^® High Beta ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Quality Investing Risk. For certain Funds, the quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.

Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.


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NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees
		(as a % of average daily net assets)

ESG S&P 500 Equal Weight ETF		0.20%

MSCI USA ETF		0.04%

Russell 1000 Equal Weight ETF		0.20%

S&P 500^® Enhanced Value ETF		0.13%

S&P 500^® ex-Rate Sensitive Low Volatility ETF		0.25%

S&P 500^® High Beta ETF		0.25%

S&P 500 High Dividend Growers ETF		0.39%

S&P 500^® High Dividend Low Volatility ETF		0.30%

S&P 500^® Low Volatility ETF		0.25%

S&P 500 Minimum Variance ETF		0.10%

S&P 500^® Momentum ETF		0.13%

S&P 500 QVM Multi-factor ETF		0.11%

S&P MidCap 400 QVM Multi-factor ETF		0.15%

S&P MidCap Low Volatility ETF		0.25%

S&P SmallCap 600 QVM Multi-factor ETF		0.15%

S&P SmallCap High Dividend Low Volatility ETF		0.30%

S&P SmallCap Low Volatility ETF		0.25%

S&P SmallCap Quality ETF		0.29%

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



ESG S&P 500 Equal Weight ETF	$	2

MSCI USA ETF		573

Russell 1000 Equal Weight ETF		134

S&P 500^® Enhanced Value ETF		23

S&P 500^® ex-Rate Sensitive Low Volatility ETF		4

S&P 500^® High Beta ETF		77

S&P 500 High Dividend Growers ETF*		-

S&P 500^® High Dividend Low Volatility ETF		484

S&P 500^® Low Volatility ETF		781

S&P 500 Minimum Variance ETF		3

S&P 500^® Momentum ETF		59

S&P 500 QVM Multi-factor ETF		210

S&P MidCap 400 QVM Multi-factor ETF		48

S&P MidCap Low Volatility ETF		176

S&P SmallCap 600 QVM Multi-factor ETF		36

S&P SmallCap High Dividend Low Volatility ETF		7


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S&P SmallCap Low Volatility ETF			$138

S&P SmallCap Quality ETF			11

*	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

ESG S&P 500 Equal Weight ETF		S&P Dow Jones Indices LLC

MSCI USA ETF		MSCI Inc.

Russell 1000 Equal Weight ETF		Frank Russell Company

S&P 500^® Enhanced Value ETF		S&P Dow Jones Indices LLC

S&P 500^® ex-Rate Sensitive Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500^® High Beta ETF		S&P Dow Jones Indices LLC

S&P 500 High Dividend Growers ETF		NYSE Arca, Inc.

S&P 500^® High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500^® Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500 Minimum Variance ETF		S&P Dow Jones Indices LLC

S&P 500^® Momentum ETF		S&P Dow Jones Indices LLC

S&P 500 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P MidCap 400 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P MidCap Low Volatility ETF		S&P Dow Jones Indices LLC

S&P SmallCap 600 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P SmallCap High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC

S&P SmallCap Low Volatility ETF		S&P Dow Jones Indices LLC

S&P SmallCap Quality ETF		S&P Dow Jones Indices LLC



ESG S&P 500 Equal Weight ETF	$	145

MSCI USA ETF		9,910

Russell 1000 Equal Weight ETF		33,404

S&P 500^® Enhanced Value ETF		2,393

S&P 500^® ex-Rate Sensitive Low Volatility ETF		782

S&P 500^® High Beta ETF		42,677

S&P 500 High Dividend Growers ETF*		24

S&P 500^® High Dividend Low Volatility ETF		93,388

S&P 500^® Low Volatility ETF		92,412

S&P 500 Minimum Variance ETF		839

S&P 500^® Momentum ETF		15,052

S&P 500 QVM Multi-factor ETF		9,167

S&P MidCap 400 QVM Multi-factor ETF		11,574

S&P MidCap Low Volatility ETF		20,818

S&P SmallCap 600 QVM Multi-factor ETF		19,704

S&P SmallCap High Dividend Low Volatility ETF		8,159


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S&P SmallCap Low Volatility ETF	$	18,055

S&P SmallCap Quality ETF		10,679

*	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold—affiliated broker and/or payable caption Investments purchased–affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

For the six months ended February 29, 2024, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

S&P 500^® Enhanced Value ETF		$	-		$	16,349		$	(7,335	)

S&P 500^® High Dividend Low Volatility ETF			-			3,736,138			(3,111,971	)

S&P 500 QVM Multi-factor ETF			-			13,346			(11,225	)

S&P MidCap 400 QVM Multi-factor ETF			-			2,265,949			529,428

S&P SmallCap 600 QVM Multi-factor ETF			-			104,863			20,613

S&P SmallCap Quality ETF			-			130,544			1,334

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information


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 the Adviser’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 February 29, 2024, for each Fund (except for S&P 500 High Dividend Growers ETF). As of February 29, 2024, all of the securities in S&P 500 High Dividend Growers ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
ESG S&P 500 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	8,722,192	$	-	$	-	$	8,722,192
Money Market Funds		-		379,955		-		379,955

Total Investments	$	8,722,192	$	379,955	$	-	$	9,102,147


		115


	Level 1		Level 2		Level 3		Total

MSCI USA ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	4,508,209,844	$	-	$	-	$	4,508,209,844

Money Market Funds		-		133,071,863		-		133,071,863



Total Investments	$	4,508,209,844	$	133,071,863	$	-	$	4,641,281,707



Russell 1000 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	587,836,471	$	-	$	67,960	$	587,904,431

Money Market Funds		8,920		86,518,774		-		86,527,694



Total Investments	$	587,845,391	$	86,518,774	$	67,960	$	674,432,125



S&P 500^® Enhanced Value ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	106,630,978	$	-	$	-	$	106,630,978

Money Market Funds		-		16,292,115		-		16,292,115



Total Investments	$	106,630,978	$	16,292,115	$	-	$	122,923,093



S&P 500^® ex-Rate Sensitive Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	41,272,543	$	-	$	-	$	41,272,543

Money Market Funds		-		1,365,517		-		1,365,517



Total Investments	$	41,272,543	$	1,365,517	$	-	$	42,638,060



S&P 500^® High Beta ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	483,401,935	$	-	$	-	$	483,401,935

Money Market Funds		-		46,723,661		-		46,723,661



Total Investments	$	483,401,935	$	46,723,661	$	-	$	530,125,596



S&P 500^® High Dividend Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	2,825,105,873	$	-	$	-	$	2,825,105,873

Money Market Funds		-		49,012,802		-		49,012,802



Total Investments	$	2,825,105,873	$	49,012,802	$	-	$	2,874,118,675



S&P 500^® Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	8,046,589,583	$	-	$	-	$	8,046,589,583

Money Market Funds		-		178,028,738		-		178,028,738



Total Investments	$	8,046,589,583	$	178,028,738	$	-	$	8,224,618,321



S&P 500 Minimum Variance ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	8,740,622	$	-	$	-	$	8,740,622

Money Market Funds		-		702,972		-		702,972



Total Investments	$	8,740,622	$	702,972	$	-	$	9,443,594



S&P 500^® Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	718,903,403	$	-	$	-	$	718,903,403

Money Market Funds		606,952		18,979,920		-		19,586,872



Total Investments	$	719,510,355	$	18,979,920	$	-	$	738,490,275



S&P 500 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	917,341,215	$	-	$	-	$	917,341,215

Money Market Funds		-		14,119,209		-		14,119,209



Total Investments	$	917,341,215	$	14,119,209	$	-	$	931,460,424


		116


	Level 1		Level 2		Level 3		Total

S&P MidCap 400 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	293,566,565	$	-	$	-	$	293,566,565

Money Market Funds		-		44,658,498		-		44,658,498

Total Investments	$	293,566,565	$	44,658,498	$	-	$	338,225,063

S&P MidCap Low Volatility ETF
Investments in Securities

Common Stocks & Other Equity Interests	$	820,807,879	$	-	$	-	$	820,807,879

Money Market Funds		237,567		35,192,727		-		35,430,294



Total Investments	$	821,045,446	$	35,192,727	$	-	$	856,238,173



S&P SmallCap 600 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	219,361,828	$	-	$	0	$	219,361,828

Money Market Funds		102,164		45,979,064		-		46,081,228



Total Investments	$	219,463,992	$	45,979,064	$	0	$	265,443,056



S&P SmallCap High Dividend Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	28,147,941	$	-	$	-	$	28,147,941

Money Market Funds		-		7,933,607		-		7,933,607



Total Investments	$	28,147,941	$	7,933,607	$	-	$	36,081,548



S&P SmallCap Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	344,884,447	$	-	$	-	$	344,884,447

Money Market Funds		-		41,638,405		-		41,638,405



Total Investments	$	344,884,447	$	41,638,405	$	-	$	386,522,852



S&P SmallCap Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	130,032,801	$	-	$	-	$	130,032,801

Money Market Funds		102,178		28,937,449		-		29,039,627



Total Investments	$	130,134,979	$	28,937,449	$	-	$	159,072,428

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

ESG S&P 500 Equal Weight ETF	$	393,589	$	266,162	$	659,751

MSCI USA ETF		6,872,307		27,167,433		34,039,740

Russell 1000 Equal Weight ETF		29,292,679		97,086,671		126,379,350

S&P 500^® Enhanced Value ETF		10,456,399		7,139,746		17,596,145

S&P 500^® ex-Rate Sensitive Low Volatility ETF		20,739,561		6,019,014		26,758,575

S&P 500^® High Beta ETF		143,590,165		54,237,135		197,827,300

S&P 500^® High Dividend Low Volatility ETF		368,383,352		409,939,016		778,322,368

S&P 500^® Low Volatility ETF		2,100,410,008		561,023,736		2,661,433,744

S&P 500 Minimum Variance ETF		314,713		513,519		828,232

S&P 500^® Momentum ETF		27,959,883		492,963		28,452,846


		117


	No expiration
	Short-Term		Long-Term		Total*

S&P 500 QVM Multi-factor ETF	$	24,853,443	$	21,502,002	$	46,355,445

S&P MidCap 400 QVM Multi-factor ETF		11,490,829		8,833,217		20,324,046

S&P MidCap Low Volatility ETF		449,090,177		259,137,269		708,227,446

S&P SmallCap 600 QVM Multi-factor ETF		4,181,526		4,867,944		9,049,470

S&P SmallCap High Dividend Low Volatility ETF		4,982,431		6,235,566		11,217,997

S&P SmallCap Low Volatility ETF		388,660,580		330,173,901		718,834,481

S&P SmallCap Quality ETF		6,658,555		1,432,265		8,090,820

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions


	Purchases		Sales

ESG S&P 500 Equal Weight ETF	$	875,412	$	882,770

MSCI USA ETF		78,917,731		70,298,750

Russell 1000 Equal Weight ETF		80,208,098		82,116,026

S&P 500^® Enhanced Value ETF		13,088,048		13,175,265

S&P 500^® ex-Rate Sensitive Low Volatility ETF		13,467,832		13,565,391

S&P 500^® High Beta ETF		217,985,549		218,547,181

S&P 500 High Dividend Growers ETF*		106,689		101,386

S&P 500^® High Dividend Low Volatility ETF		925,436,601		929,714,928

S&P 500^® Low Volatility ETF		2,599,096,715		2,611,291,559

S&P 500 Minimum Variance ETF		5,571,371		5,664,599

S&P 500^® Momentum ETF		159,600,793		158,307,907

S&P 500 QVM Multi-factor ETF		81,661,935		81,549,719

S&P MidCap 400 QVM Multi-factor ETF		47,415,387		46,989,289

S&P MidCap Low Volatility ETF		261,768,555		260,981,251

S&P SmallCap 600 QVM Multi-factor ETF		41,479,192		41,527,089

S&P SmallCap High Dividend Low Volatility ETF		10,944,782		11,005,845

S&P SmallCap Low Volatility ETF		130,494,543		129,951,746

S&P SmallCap Quality ETF		33,512,964		34,021,142

*	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

ESG S&P 500 Equal Weight ETF	$	-	$	3,305,191

MSCI USA ETF		1,100,335,825		141,211,938

Russell 1000 Equal Weight ETF		17,814,726		112,960,084

S&P 500^® Enhanced Value ETF		17,887,360		13,313,196

S&P 500^® ex-Rate Sensitive Low Volatility ETF		-		7,067,971

S&P 500^® High Beta ETF		302,008,377		447,343,300

S&P 500 High Dividend Growers ETF*		2,577,289		-

S&P 500^® High Dividend Low Volatility ETF		200,115,318		574,155,695

S&P 500^® Low Volatility ETF		1,114,234,039		2,122,025,639

S&P 500 Minimum Variance ETF		4,542,306		19,196,691

S&P 500^® Momentum ETF		516,042,424		89,438,989

S&P 500 QVM Multi-factor ETF		4,351,937		51,657,655

S&P MidCap 400 QVM Multi-factor ETF		-		-

S&P MidCap Low Volatility ETF		7,596,861		129,935,428

S&P SmallCap 600 QVM Multi-factor ETF		3,398,518		1,737,233


		118


	In-kind		In-kind
	Purchases		Sales

S&P SmallCap High Dividend Low Volatility ETF	$	11,575,185	$	1,074,733

S&P SmallCap Low Volatility ETF		778,523		81,373,651

S&P SmallCap Quality ETF		98,901,335		27,207,629

*	For the period December 4, 2023 (commencement of investment operations) through February 29, 2024.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost

ESG S&P 500 Equal Weight ETF	$	1,075,345	$	(721,653	)	$	353,692		$	8,748,455

MSCI USA ETF		827,466,388		(197,223,599	)		630,242,789			4,011,038,918

Russell 1000 Equal Weight ETF		92,316,744		(88,097,956	)		4,218,788			670,213,337

S&P 500^® Enhanced Value ETF		9,239,374		(8,436,701	)		802,673			122,120,420

S&P 500^® ex-Rate Sensitive Low Volatility ETF		4,337,853		(1,725,332	)		2,612,521			40,025,539

S&P 500^® High Beta ETF		39,615,661		(79,060,029	)		(39,444,368	)		569,569,964

S&P 500 High Dividend Growers ETF		157,239		(43,642	)		113,597			2,587,475

S&P 500^® High Dividend Low Volatility ETF		98,221,125		(325,123,530	)		(226,902,405	)		3,101,021,080

S&P 500^® Low Volatility ETF		620,187,847		(403,392,819	)		216,795,028			8,007,823,293

S&P 500 Minimum Variance ETF		1,095,094		(923,374	)		171,720			9,271,874

S&P 500^® Momentum ETF		97,425,370		(2,281,423	)		95,143,947			643,346,328

S&P 500 QVM Multi-factor ETF		200,194,486		(27,723,825	)		172,470,661			758,989,763

S&P MidCap 400 QVM Multi-factor ETF		61,045,828		(16,298,305	)		44,747,523			293,477,540

S&P MidCap Low Volatility ETF		88,440,778		(45,297,839	)		43,142,939			813,095,234

S&P SmallCap 600 QVM Multi-factor ETF		43,444,542		(12,083,003	)		31,361,539			234,081,517

S&P SmallCap High Dividend Low Volatility ETF		1,036,616		(4,532,646	)		(3,496,030	)		39,577,578

S&P SmallCap Low Volatility ETF		29,261,589		(29,798,320	)		(536,731	)		387,059,583

S&P SmallCap Quality ETF		14,662,138		(3,875,997	)		10,786,141			148,286,287

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.


		119

immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.


		120

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

Actual		$1,000.00		$1,096.40		0.20%		$1.04

Hypothetical (5% return before expenses)		1,000.00		1,023.87		0.20		1.01

Invesco MSCI USA ETF (PBUS)

Actual		1,000.00		1,141.50		0.04		0.21

Hypothetical (5% return before expenses)		1,000.00		1,024.66		0.04		0.20

Invesco Russell 1000 Equal Weight ETF (EQAL)

Actual		1,000.00		1,062.20		0.20		1.03

Hypothetical (5% return before expenses)		1,000.00		1,023.87		0.20		1.01

Invesco S&P 500^® Enhanced Value ETF (SPVU)

Actual		1,000.00		1,146.50		0.13		0.69

Hypothetical (5% return before expenses)		1,000.00		1,024.22		0.13		0.65

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

Actual		1,000.00		1,059.00		0.25		1.28

Hypothetical (5% return before expenses)		1,000.00		1,023.62		0.25		1.26


		121

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P 500^® High Beta ETF (SPHB)

Actual		$1,000.00		$1,115.10		0.25%		$1.31

Hypothetical (5% return before expenses)		1,000.00		1,023.62		0.25		1.26

Invesco S&P 500 High Dividend Growers ETF (DIVG)

Actual		1,000.00		1,085.60⁽²⁾		0.45		1.13⁽³⁾

Hypothetical (5% return before expenses)		1,000.00		1,022.63⁽²⁾		0.45		2.26⁽³⁾

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

Actual		1,000.00		1,054.80		0.30		1.53

Hypothetical (5% return before expenses)		1,000.00		1,023.37		0.30		1.51

Invesco S&P 500^® Low Volatility ETF (SPLV)

Actual		1,000.00		1,059.10		0.25		1.28

Hypothetical (5% return before expenses)		1,000.00		1,023.62		0.25		1.26

Invesco S&P 500 Minimum Variance ETF (SPMV)

Actual		1,000.00		1,112.30		0.10		0.53

Hypothetical (5% return before expenses)		1,000.00		1,024.37		0.10		0.50

Invesco S&P 500^® Momentum ETF (SPMO)

Actual		1,000.00		1,330.70		0.13		0.75

Hypothetical (5% return before expenses)		1,000.00		1,024.22		0.13		0.65

Invesco S&P 500 QVM Multi-factor ETF (QVML)

Actual		1,000.00		1,150.10		0.11		0.59

Hypothetical (5% return before expenses)		1,000.00		1,024.32		0.11		0.55

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

Actual		1,000.00		1,104.70		0.15		0.78

Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.15		0.75

Invesco S&P MidCap Low Volatility ETF (XMLV)

Actual		1,000.00		1,069.30		0.25		1.29

Hypothetical (5% return before expenses)		1,000.00		1,023.62		0.25		1.26

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

Actual		1,000.00		1,082.20		0.15		0.78

Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.15		0.75

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

Actual		1,000.00		977.40		0.30		1.47

Hypothetical (5% return before expenses)		1,000.00		1,023.37		0.30		1.51

Invesco S&P SmallCap Low Volatility ETF (XSLV)

Actual		1,000.00		1,060.60		0.25		1.28

Hypothetical (5% return before expenses)		1,000.00		1,023.62		0.25		1.26


		122

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P SmallCap Quality ETF (XSHQ)

Actual	$1,000.00	$1,096.70	0.29%	$1.51

Hypothetical (5% return before expenses)	1,000.00	1,023.42	0.29	1.46

⁽¹⁾

⁽²⁾

⁽³⁾


		123

Approval of Investment Advisory and Sub-Advisory Contracts


Fund	Passive ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)

Invesco Nasdaq Free Cash Flow Achievers ETF	Higher than	Lower than	Lower than	Lower than

	median (11)	median (7)	median (65)	median (2)

Invesco S&P 500 High Dividend Growers ETF	Higher than	Lower than	Lower than	Higher than

	median (43)	median (5)	median (105)	median (3)


		124

Approval of Investment Advisory Contracts–(continued)


		125

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-HBLV-SAR-1	invesco.com/ETFs

LOGO

Invesco Semi-Annual Report to Shareholders

February 29, 2024


		RWL		Invesco S&P 500 Revenue ETF

		RWK		Invesco S&P MidCap 400 Revenue ETF

		RWJ		Invesco S&P SmallCap 600 Revenue ETF

		RDIV		Invesco S&P Ultra Dividend Revenue ETF

Table of Contents


Schedules of Investments

Invesco S&P 500 Revenue ETF (RWL)			3

Invesco S&P MidCap 400 Revenue ETF (RWK)			9

Invesco S&P SmallCap 600 Revenue ETF (RWJ)			14

Invesco S&P Ultra Dividend Revenue ETF (RDIV)			22

Statements of Assets and Liabilities			24

Statements of Operations			25

Statements of Changes in Net Assets			26

Financial Highlights			28

Notes to Financial Statements			32

Fund Expenses			41


		2

Invesco S&P 500 Revenue ETF (RWL)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-7.16%
Alphabet, Inc., Class A^(b)		170,196	$	23,565,338
Alphabet, Inc., Class C^(b)		168,105		23,497,717
AT&T, Inc.		1,114,614		18,870,415
Charter Communications, Inc., Class A^(b)(c)		22,957		6,747,751
Comcast Corp., Class A		444,769		19,058,352
Electronic Arts, Inc.		8,423		1,174,840
Fox Corp., Class A		38,529		1,147,779
Fox Corp., Class B		41,167		1,127,152
Interpublic Group of Cos., Inc. (The)		53,693		1,685,960
Live Nation Entertainment, Inc.^(b)(c)		38,469		3,730,724
Match Group, Inc.^(b)(c)		15,848		571,162
Meta Platforms, Inc., Class A		59,113		28,973,055
Netflix, Inc.^(b)		11,155		6,725,573
News Corp., Class A		34,862		937,091
News Corp., Class B		33,369		933,998
Omnicom Group, Inc.		27,347		2,417,201
Paramount Global, Class B^(c)		276,310		3,050,462
Take-Two Interactive Software, Inc.^(b)		5,367		788,573
T-Mobile US, Inc.		77,543		12,662,772
Verizon Communications, Inc.		543,099		21,734,822
Walt Disney Co. (The)		147,539		16,462,402
Warner Bros. Discovery, Inc.^(b)(c)		569,052		5,001,967

				200,865,106

Consumer Discretionary-12.52%
Airbnb, Inc., Class A^(b)		10,487		1,651,388
Amazon.com, Inc.^(b)		582,352		102,936,540
Aptiv PLC^(b)(c)		38,303		3,044,705
AutoZone, Inc.^(b)(c)		1,050		3,156,321
Bath & Body Works, Inc.		30,402		1,389,371
Best Buy Co., Inc.		91,203		7,376,499
Booking Holdings, Inc.^(b)		975		3,382,109
BorgWarner, Inc.		77,168		2,402,240
Caesars Entertainment, Inc.^(b)(c)		40,251		1,749,711
CarMax, Inc.^(b)(c)		62,062		4,902,898
Carnival Corp.^(b)		170,914		2,710,696
Chipotle Mexican Grill, Inc.^(b)(c)		676		1,817,609
D.R. Horton, Inc.		39,600		5,917,824
Darden Restaurants, Inc.^(c)		10,421		1,778,969
Domino’s Pizza, Inc.^(c)		1,759		788,648
eBay, Inc.		37,166		1,757,208
Etsy, Inc.^(b)(c)		5,210		373,505
Expedia Group, Inc.^(b)		13,384		1,831,199
Ford Motor Co.		2,451,204		30,492,978
Garmin Ltd.		6,262		860,086
General Motors Co.		789,931		32,371,372
Genuine Parts Co.		26,922		4,018,378
Hasbro, Inc.^(c)		17,138		861,870
Hilton Worldwide Holdings, Inc.		9,045		1,848,074
Home Depot, Inc. (The)		72,987		27,779,582
Las Vegas Sands Corp.^(c)		28,567		1,557,473
Lennar Corp., Class A		37,088		5,878,819
LKQ Corp.^(c)		45,425		2,375,273
Lowe’s Cos., Inc.		67,208		16,174,949
lululemon athletica, inc.^(b)(c)		2,759		1,288,701
Marriott International, Inc., Class A^(c)		17,377		4,341,991
McDonald’s Corp.		13,553		3,961,271


	Shares		Value
Consumer Discretionary-(continued)
MGM Resorts International^(b)(c)		57,368	$	2,482,887
Mohawk Industries, Inc.^(b)		18,703		2,218,550
NIKE, Inc., Class B		68,757		7,145,915
Norwegian Cruise Line Holdings Ltd.^(b)(c)		66,896		1,297,113
NVR, Inc.^(b)		225		1,715,753
O’Reilly Automotive, Inc.^(b)		2,546		2,768,571
Pool Corp.^(c)		2,462		980,171
PulteGroup, Inc.		27,199		2,947,828
Ralph Lauren Corp.		7,610		1,414,851
Ross Stores, Inc.		22,845		3,402,991
Royal Caribbean Cruises Ltd.^(b)		16,949		2,090,659
Starbucks Corp.		57,753		5,480,760
Tapestry, Inc.		30,767		1,462,356
Tesla, Inc.^(b)		60,929		12,300,347
TJX Cos., Inc. (The)		90,999		9,021,641
Tractor Supply Co.^(c)		10,893		2,770,308
Ulta Beauty, Inc.^(b)		3,511		1,925,994
V.F. Corp.^(c)		96,967		1,584,441
Whirlpool Corp.		26,700		2,867,313
Wynn Resorts Ltd.^(c)		10,406		1,094,711
Yum! Brands, Inc.^(c)		8,767		1,213,528

				350,964,945

Consumer Staples-13.16%
Altria Group, Inc.		76,953		3,148,147
Archer-Daniels-Midland Co.		204,150		10,842,406
Brown-Forman Corp., Class B^(c)		11,996		722,519
Bunge Global S.A.		90,849		8,573,420
Campbell Soup Co.^(c)		33,502		1,428,525
Church & Dwight Co., Inc.		9,638		964,957
Clorox Co. (The)		7,659		1,174,201
Coca-Cola Co. (The)		118,425		7,107,868
Colgate-Palmolive Co.		38,344		3,317,523
Conagra Brands, Inc.		64,185		1,802,315
Constellation Brands, Inc., Class A		6,428		1,597,487
Costco Wholesale Corp.		61,489		45,741,052
Dollar General Corp.^(c)		47,597		6,916,320
Dollar Tree, Inc.^(b)(c)		36,912		5,414,252
Estee Lauder Cos., Inc. (The), Class A		17,803		2,645,170
General Mills, Inc.		47,812		3,068,574
Hershey Co. (The)		9,228		1,734,126
Hormel Foods Corp.^(c)		59,644		2,106,626
J.M. Smucker Co. (The)		10,547		1,267,433
Kellanova		45,713		2,521,072
Kenvue, Inc.		116,450		2,212,550
Keurig Dr Pepper, Inc.		70,979		2,122,982
Kimberly-Clark Corp.		26,297		3,186,407
Kraft Heinz Co. (The)		115,835		4,086,659
Kroger Co. (The)		513,714		25,485,351
Lamb Weston Holdings, Inc.		8,985		918,357
McCormick & Co., Inc.^(c)		15,186		1,045,708
Molson Coors Beverage Co., Class B		28,621		1,786,523
Mondelez International, Inc., Class A		76,963		5,623,686
Monster Beverage Corp.^(b)		19,847		1,172,958
PepsiCo, Inc.		85,347		14,111,273
Philip Morris International, Inc.		57,781		5,197,979
Procter & Gamble Co. (The)		88,948		14,137,395
Sysco Corp.		161,093		13,043,700

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Target Corp.		122,592	$	18,746,769
Tyson Foods, Inc., Class A		159,507		8,651,660
Walgreens Boots Alliance, Inc.		930,381		19,779,900
Walmart, Inc.		1,968,770		115,389,610

				368,793,460

Energy-7.95%
APA Corp.		38,491		1,146,647
Baker Hughes Co., Class A		117,717		3,483,246
Chevron Corp.^(c)		217,721		33,095,769
ConocoPhillips		82,297		9,261,704
Coterra Energy, Inc.		39,562		1,019,908
Devon Energy Corp.		54,825		2,415,589
Diamondback Energy, Inc.		8,552		1,560,911
EOG Resources, Inc.		30,850		3,531,091
EQT Corp.		26,104		969,764
Exxon Mobil Corp.		537,061		56,133,616
Halliburton Co.		101,102		3,545,647
Hess Corp.		13,340		1,944,305
Kinder Morgan, Inc.		131,907		2,293,863
Marathon Oil Corp.		41,199		999,076
Marathon Petroleum Corp.		164,505		27,839,181
Occidental Petroleum Corp.		80,132		4,856,801
ONEOK, Inc.		39,039		2,932,610
Phillips 66		184,918		26,352,664
Pioneer Natural Resources Co.		13,510		3,177,417
Schlumberger N.V.		101,348		4,898,149
Targa Resources Corp.		27,172		2,669,377
Valero Energy Corp.		190,814		26,992,548
Williams Cos., Inc. (The)		44,824		1,610,975

				222,730,858

Financials-15.54%
Aflac, Inc.		35,380		2,856,581
Allstate Corp. (The)		62,196		9,921,506
American Express Co.		59,798		13,120,877
American International Group, Inc.		115,956		8,452,033
Ameriprise Financial, Inc.		6,760		2,753,754
Aon PLC, Class A.		6,274		1,982,521
Arch Capital Group Ltd.^(b)		24,436		2,140,349
Arthur J. Gallagher & Co.		6,132		1,495,779
Assurant, Inc.		9,954		1,806,153
Bank of America Corp.		836,874		28,888,890
Bank of New York Mellon Corp. (The)		96,225		5,397,260
Berkshire Hathaway, Inc., Class B^(b)		173,743		71,130,384
BlackRock, Inc.		3,784		3,070,111
Blackstone, Inc., Class A		13,665		1,746,660
Brown & Brown, Inc.		8,622		726,059
Capital One Financial Corp.		62,214		8,561,269
Cboe Global Markets, Inc.		3,338		640,896
Charles Schwab Corp. (The)		61,533		4,109,174
Chubb Ltd.		33,605		8,457,370
Cincinnati Financial Corp.		14,712		1,677,168
Citigroup, Inc.		468,913		26,019,982
Citizens Financial Group, Inc.		62,491		1,961,593
CME Group, Inc., Class A		3,888		856,721
Comerica, Inc.		15,387		759,810
Discover Financial Services		29,172		3,521,060
Everest Group Ltd.		5,748		2,120,322
FactSet Research Systems, Inc.		737		340,921
Fidelity National Information Services, Inc.		35,242		2,438,394


	Shares		Value
Financials-(continued)
Fifth Third Bancorp^(c)		59,236	$	2,034,164
Fiserv, Inc.^(b)		22,001		3,284,089
FLEETCOR Technologies, Inc.^(b)		2,260		631,150
Franklin Resources, Inc.		47,637		1,307,636
Global Payments, Inc.		12,209		1,583,507
Globe Life, Inc.^(c)		6,708		851,446
Goldman Sachs Group, Inc. (The)		46,146		17,953,101
Hartford Financial Services Group, Inc. (The)		47,622		4,564,092
Huntington Bancshares, Inc.		133,217		1,737,150
Intercontinental Exchange, Inc.		12,553		1,737,586
Invesco Ltd.^(d)		59,592		918,313
Jack Henry & Associates, Inc.		2,037		353,970
JPMorgan Chase & Co.		221,951		41,296,203
KeyCorp		116,561		1,663,325
Loews Corp.		34,669		2,604,682
M&T Bank Corp.		14,016		1,958,596
MarketAxess Holdings, Inc.^(c)		390		83,230
Marsh & McLennan Cos., Inc.		17,568		3,553,479
Mastercard, Inc., Class A		9,147		4,342,630
MetLife, Inc.		155,094		10,816,256
Moody’s Corp.		2,375		901,123
Morgan Stanley		171,831		14,784,339
MSCI, Inc.		731		410,069
Nasdaq, Inc.^(c)		17,201		966,696
Northern Trust Corp.		20,898		1,716,353
PayPal Holdings, Inc.^(b)		75,741		4,570,212
PNC Financial Services Group, Inc. (The)		33,831		4,979,923
Principal Financial Group, Inc.		28,951		2,340,978
Progressive Corp. (The)		56,367		10,684,929
Prudential Financial, Inc.		80,218		8,742,960
Raymond James Financial, Inc.		18,770		2,258,406
Regions Financial Corp.		79,092		1,473,484
S&P Global, Inc.		4,610		1,974,832
State Street Corp.		34,800		2,565,804
Synchrony Financial		71,295		2,944,484
T. Rowe Price Group, Inc.		9,956		1,128,513
Travelers Cos., Inc. (The)		34,226		7,562,577
Truist Financial Corp.		146,096		5,110,438
U.S. Bancorp		145,812		6,118,272
Visa, Inc., Class A^(c)		19,748		5,581,575
W.R. Berkley Corp.		25,884		2,163,902
Wells Fargo & Co.		430,901		23,953,787
Willis Towers Watson PLC		5,945		1,620,666
Zions Bancorporation N.A.		17,543		691,721

				435,474,245

Health Care-18.06%
Abbott Laboratories		59,133		7,015,539
AbbVie, Inc.		57,247		10,078,334
Agilent Technologies, Inc.		8,342		1,145,857
Align Technology, Inc.^(b)		2,642		798,994
Amgen, Inc.		15,320		4,195,076
Baxter International, Inc.		63,866		2,613,397
Becton, Dickinson and Co.		12,950		3,050,373
Biogen, Inc.^(b)		6,208		1,347,074
Bio-Rad Laboratories, Inc., Class A^(b)		1,368		445,804
Bio-Techne Corp.^(c)		2,578		189,663
Boston Scientific Corp.^(b)		38,676		2,560,738
Bristol-Myers Squibb Co.		138,390		7,023,293

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Health Care-(continued)
Cardinal Health, Inc.		304,976	$	34,151,212
Catalent, Inc.^(b)(c)		17,587		1,008,439
Cencora, Inc.		201,454		47,462,562
Centene Corp.^(b)		315,181		24,719,646
Charles River Laboratories International, Inc.^(b)(c)		3,241		823,830
Cigna Group (The)		113,694		38,217,101
Cooper Cos., Inc. (The)		6,372		596,419
CVS Health Corp.		718,701		53,449,793
Danaher Corp.		21,022		5,321,509
DaVita, Inc.^(b)(c)		17,141		2,176,393
DENTSPLY SIRONA, Inc.^(c)		19,037		622,129
DexCom, Inc.^(b)		4,544		522,878
Edwards Lifesciences Corp.^(b)		12,943		1,098,472
Elevance Health, Inc.		54,658		27,397,323
Eli Lilly and Co.		8,329		6,277,401
GE HealthCare Technologies, Inc.		43,496		3,970,315
Gilead Sciences, Inc.		53,328		3,844,949
HCA Healthcare, Inc.		37,947		11,828,080
Henry Schein, Inc.^(b)		27,286		2,086,560
Hologic, Inc.^(b)		9,070		669,366
Humana, Inc.		32,916		11,531,133
IDEXX Laboratories, Inc.^(b)		1,026		590,186
Illumina, Inc.^(b)		6,120		855,760
Incyte Corp.^(b)		10,172		593,638
Insulet Corp.^(b)		1,292		211,888
Intuitive Surgical, Inc.^(b)		3,443		1,327,621
IQVIA Holdings, Inc.^(b)(c)		10,709		2,646,836
Johnson & Johnson.		95,698		15,443,743
Laboratory Corp. of America Holdings		9,691		2,091,609
McKesson Corp.		98,555		51,387,563
Medtronic PLC		62,232		5,187,660
Merck & Co., Inc.		86,741		11,029,118
Mettler-Toledo International, Inc.^(b)		543		677,240
Moderna, Inc.^(b)(c)		17,445		1,609,127
Molina Healthcare, Inc.^(b)		13,998		5,513,952
Pfizer, Inc.		368,808		9,795,540
Quest Diagnostics, Inc.		10,509		1,312,469
Regeneron Pharmaceuticals, Inc.^(b)		2,417		2,335,040
ResMed, Inc.		4,109		713,815
Revvity, Inc.		4,770		522,744
STERIS PLC		4,000		931,640
Stryker Corp.		10,686		3,730,162
Teleflex, Inc.		2,029		452,041
Thermo Fisher Scientific, Inc.		13,736		7,831,992
UnitedHealth Group, Inc.		101,465		50,083,124
Universal Health Services, Inc., Class B		15,809		2,641,052
Vertex Pharmaceuticals, Inc.^(b)		4,236		1,782,255
Viatris, Inc.		242,282		2,997,028
Waters Corp.^(b)(c)		1,551		523,338
West Pharmaceutical Services, Inc.^(c)		1,313		470,527
Zimmer Biomet Holdings, Inc.		9,626		1,197,089
Zoetis, Inc.		7,053		1,398,821

				506,124,270

Industrials-9.97%
3M Co.		48,912		4,505,773
A.O. Smith Corp.^(c)		7,524		623,740
Allegion PLC		5,054		646,255
American Airlines Group, Inc.^(b)(c)		595,982		9,344,998


	Shares		Value
Industrials-(continued)
AMETEK, Inc.		6,367	$	1,147,206
Automatic Data Processing, Inc.		12,351		3,101,707
Axon Enterprise, Inc.^(b)		1,001		307,677
Boeing Co. (The)^(b)		47,888		9,755,743
Broadridge Financial Solutions, Inc.		5,010		1,019,936
Builders FirstSource, Inc.^(b)		18,222		3,556,570
C.H. Robinson Worldwide, Inc.		33,712		2,497,385
Carrier Global Corp.^(c)		61,710		3,429,842
Caterpillar, Inc.		39,756		13,276,914
Cintas Corp.		2,509		1,577,182
Copart, Inc.^(b)		12,973		689,515
CSX Corp.		68,901		2,614,104
Cummins, Inc.		22,320		5,995,375
Dayforce, Inc.^(b)(c)		3,376		235,510
Deere & Co.		26,103		9,528,900
Delta Air Lines, Inc.		219,894		9,294,919
Dover Corp.		9,075		1,500,824
Eaton Corp. PLC		15,128		4,371,992
Emerson Electric Co.		26,170		2,796,265
Equifax, Inc.		3,501		957,839
Expeditors International of Washington, Inc.		13,459		1,609,696
Fastenal Co.		18,005		1,314,545
FedEx Corp.		50,451		12,560,785
Fortive Corp.		13,505		1,149,681
Generac Holdings, Inc.^(b)		5,084		572,001
General Dynamics Corp.		25,442		6,952,027
General Electric Co.		90,454		14,191,328
Honeywell International, Inc.		28,971		5,757,407
Howmet Aerospace, Inc.		18,636		1,240,226
Hubbell, Inc.		2,617		996,213
Huntington Ingalls Industries, Inc.		6,993		2,039,299
IDEX Corp.		2,486		586,447
Illinois Tool Works, Inc.		9,963		2,611,800
Ingersoll Rand, Inc.		14,038		1,282,091
J.B. Hunt Transport Services, Inc.		10,939		2,256,825
Jacobs Solutions, Inc.		19,837		2,909,096
Johnson Controls International PLC^(c)		73,338		4,346,743
L3Harris Technologies, Inc.		14,744		3,120,715
Leidos Holdings, Inc.		21,543		2,754,488
Lockheed Martin Corp.		23,420		10,029,381
Masco Corp.		19,269		1,479,088
Nordson Corp.		1,632		433,541
Norfolk Southern Corp.^(c)		8,624		2,185,149
Northrop Grumman Corp.		12,584		5,801,476
Old Dominion Freight Line, Inc.		2,456		1,086,731
Otis Worldwide Corp.		24,785		2,362,011
PACCAR, Inc.		55,642		6,170,141
Parker-Hannifin Corp.		6,986		3,740,654
Paychex, Inc.		6,327		775,817
Paycom Software, Inc.		1,339		244,220
Pentair PLC		9,501		739,083
Quanta Services, Inc.^(c)		15,115		3,650,424
Republic Services, Inc.		13,973		2,565,443
Robert Half, Inc.		12,369		994,468
Rockwell Automation, Inc.^(c)		5,018		1,430,531
Rollins, Inc.		11,125		490,279
RTX Corp.^(c)		127,721		11,452,742
Snap-on, Inc.		2,778		765,783
Southwest Airlines Co.		135,149		4,631,556

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
Stanley Black & Decker, Inc.		26,626	$	2,377,436
Textron, Inc.		27,331		2,434,372
Trane Technologies PLC		11,418		3,219,533
TransDigm Group, Inc.		1,046		1,231,916
Uber Technologies, Inc.^(b)		90,372		7,184,574
Union Pacific Corp.		16,229		4,117,135
United Airlines Holdings, Inc.^(b)(c)		198,585		9,033,632
United Parcel Service, Inc., Class B		91,990		13,638,437
United Rentals, Inc.		4,322		2,996,313
Veralto Corp.^(c)		10,126		875,089
Verisk Analytics, Inc.		1,698		410,746
W.W. Grainger, Inc.^(c)		3,190		3,105,337
Wabtec Corp.^(c)		12,353		1,745,355
Waste Management, Inc.		18,156		3,733,781
Xylem, Inc.^(c)		9,837		1,249,791

				279,409,549

Information Technology-9.48%
Accenture PLC, Class A		29,481		11,048,889
Adobe, Inc.^(b)		4,780		2,678,138
Advanced Micro Devices, Inc.^(b)		26,616		5,124,378
Akamai Technologies, Inc.^(b)		5,050		560,146
Amphenol Corp., Class A		20,712		2,262,579
Analog Devices, Inc.		10,252		1,966,539
ANSYS, Inc.^(b)		1,131		377,946
Apple, Inc.		303,472		54,852,564
Applied Materials, Inc.		27,802		5,605,439
Arista Networks, Inc.^(b)		3,847		1,067,696
Autodesk, Inc.^(b)		3,646		941,288
Broadcom, Inc.		5,844		7,600,064
Cadence Design Systems, Inc.^(b)		2,347		714,380
CDW Corp.^(c)		15,836		3,898,982
Cisco Systems, Inc.		185,818		8,988,017
Cognizant Technology Solutions Corp., Class A		42,661		3,371,072
Corning, Inc.		68,886		2,220,885
Enphase Energy, Inc.^(b)(c)		4,036		512,612
EPAM Systems, Inc.^(b)		2,717		827,055
F5, Inc.^(b)		2,539		475,352
Fair Isaac Corp.^(b)		206		261,601
First Solar, Inc.^(b)		3,398		522,918
Fortinet, Inc.^(b)		15,285		1,056,346
Gartner, Inc.^(b)		2,041		950,208
Gen Digital, Inc.^(c)		26,328		565,789
Hewlett Packard Enterprise Co.		277,344		4,223,949
HP, Inc.		281,498		7,974,838
Intel Corp.		191,833		8,258,411
International Business Machines Corp.		58,522		10,828,326
Intuit, Inc.		3,988		2,643,605
Jabil, Inc.^(c)		45,222		6,516,038
Juniper Networks, Inc.		30,084		1,114,011
Keysight Technologies, Inc.^(b)(c)		5,887		908,364
KLA Corp.		2,923		1,994,363
Lam Research Corp.		3,505		3,288,566
Microchip Technology, Inc.		16,069		1,352,046
Micron Technology, Inc.		32,067		2,905,591
Microsoft Corp.		90,390		37,388,920
Monolithic Power Systems, Inc.		474		341,299
Motorola Solutions, Inc.		4,713		1,557,128
NetApp, Inc.^(c)		10,468		932,908


	Shares		Value
Information Technology-(continued)
NVIDIA Corp.		14,629	$	11,573,294
NXP Semiconductors N.V. (China)		9,490		2,369,938
ON Semiconductor Corp.^(b)		16,973		1,339,509
Oracle Corp.		69,544		7,766,674
Palo Alto Networks, Inc.^(b)(c)		3,732		1,158,973
PTC, Inc.^(b)		1,999		365,837
Qorvo, Inc.^(b)		4,685		536,667
QUALCOMM, Inc.		41,704		6,580,474
Roper Technologies, Inc.		1,715		934,212
Salesforce, Inc.^(b)		20,943		6,467,617
Seagate Technology Holdings PLC		12,985		1,208,254
ServiceNow, Inc.^(b)		1,925		1,484,830
Skyworks Solutions, Inc.		7,142		749,339
Synopsys, Inc.^(b)		1,691		970,177
TE Connectivity Ltd.		18,593		2,669,211
Teledyne Technologies, Inc.^(b)(c)		2,144		916,067
Teradyne, Inc.		4,614		477,964
Texas Instruments, Inc.		17,783		2,975,629
Trimble, Inc.^(b)		12,284		751,658
Tyler Technologies, Inc.^(b)(c)		750		327,855
VeriSign, Inc.^(b)		1,141		222,826
Western Digital Corp.^(b)(c)		36,538		2,172,915
Zebra Technologies Corp., Class A^(b)(c)		3,365		940,450

				265,639,616

Materials-2.81%
Air Products and Chemicals, Inc.^(c)		7,402		1,732,364
Albemarle Corp.^(c)		11,982		1,651,719
Amcor PLC		230,943		2,092,344
Avery Dennison Corp.		6,629		1,435,377
Ball Corp.		38,686		2,476,678
Celanese Corp.		11,667		1,773,034
CF Industries Holdings, Inc.		15,423		1,244,944
Corteva, Inc.		59,398		3,178,981
Dow, Inc.		139,627		7,802,357
DuPont de Nemours, Inc.		26,693		1,846,889
Eastman Chemical Co.		17,074		1,498,073
Ecolab, Inc.		12,141		2,729,782
FMC Corp.^(c)		13,720		773,671
Freeport-McMoRan, Inc.		90,448		3,419,839
International Flavors & Fragrances, Inc.^(c)		23,401		1,766,775
International Paper Co.		81,507		2,882,087
Linde PLC		12,492		5,606,659
LyondellBasell Industries N.V., Class A		69,254		6,944,791
Martin Marietta Materials, Inc.		2,218		1,281,361
Mosaic Co. (The)		65,048		2,026,896
Newmont Corp.		43,512		1,359,750
Nucor Corp.		34,139		6,564,930
Packaging Corp. of America		7,402		1,341,168
PPG Industries, Inc.		19,456		2,754,970
Sherwin-Williams Co. (The)		12,296		4,082,641
Steel Dynamics, Inc.		26,442		3,538,468
Vulcan Materials Co.		5,442		1,446,756
WestRock Co.		76,216		3,451,823

				78,705,127

Real Estate-0.88%
Alexandria Real Estate Equities, Inc.^(c)		3,632		453,019
American Tower Corp.^(c)		8,323		1,655,112
AvalonBay Communities, Inc.		2,459		435,317
Boston Properties, Inc.^(c)		7,767		502,680

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate-(continued)
Camden Property Trust^(c)		2,524	$	238,468
CBRE Group, Inc., Class A^(b)		58,313		5,358,382
CoStar Group, Inc.^(b)		4,529		394,159
Crown Castle, Inc.		9,468		1,040,912
Digital Realty Trust, Inc.^(c)		6,132		900,239
Equinix, Inc.		1,534		1,363,450
Equity Residential		7,433		447,541
Essex Property Trust, Inc.^(c)		1,177		272,358
Extra Space Storage, Inc.^(c)		2,525		355,949
Federal Realty Investment Trust		1,697		171,142
Healthpeak Properties, Inc.		17,703		296,525
Host Hotels & Resorts, Inc.^(c)		45,074		934,835
Invitation Homes, Inc.^(c)		11,426		389,284
Iron Mountain, Inc.		12,590		990,078
Kimco Realty Corp.		13,602		268,775
Mid-America Apartment Communities, Inc.		2,584		324,757
Prologis, Inc.^(c)		10,146		1,352,157
Public Storage		2,507		711,662
Realty Income Corp.		11,172		582,173
Regency Centers Corp.		3,020		187,089
SBA Communications Corp., Class A		1,675		350,460
Simon Property Group, Inc.		6,411		949,726
UDR, Inc.		7,092		251,766
Ventas, Inc.		14,546		615,150
VICI Properties, Inc.^(c)		17,469		522,847
Welltower, Inc.		11,267		1,038,367
Weyerhaeuser Co.		38,651		1,328,821

				24,683,200

Utilities-2.34%
AES Corp. (The)^(c)		108,286		1,645,947
Alliant Energy Corp.^(c)		12,407		592,434
Ameren Corp.		15,750		1,121,243
American Electric Power Co., Inc.		38,034		3,240,116
American Water Works Co., Inc.		4,874		577,764
Atmos Energy Corp.		5,863		661,991
CenterPoint Energy, Inc.		49,572		1,363,230
CMS Energy Corp.		20,746		1,190,198
Consolidated Edison, Inc.		25,707		2,241,908
Constellation Energy Corp.		34,041		5,734,206
Dominion Energy, Inc.		54,756		2,618,980
DTE Energy Co.		19,268		2,087,688


	Shares		Value
Utilities-(continued)
Duke Energy Corp.		47,751	$	4,384,974
Edison International		38,184		2,597,276
Entergy Corp.		19,175		1,947,605
Evergy, Inc.		16,723		828,457
Eversource Energy		31,664		1,858,677
Exelon Corp.		82,798		2,967,480
FirstEnergy Corp.		53,739		1,967,385
NextEra Energy, Inc.		58,560		3,231,926
NiSource, Inc.		33,967		885,180
NRG Energy, Inc.^(c)		95,160		5,264,251
PG&E Corp.^(c)		199,634		3,331,892
Pinnacle West Capital Corp.		9,701		662,869
PPL Corp.		50,843		1,340,730
Public Service Enterprise Group, Inc.		25,118		1,567,363
Sempra		37,055		2,616,083
Southern Co. (The)		56,671		3,811,125
WEC Energy Group, Inc.		17,017		1,335,664
Xcel Energy, Inc.		37,572		1,979,669

				65,654,311

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $2,271,183,877)				2,799,044,687


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.37%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		25,760,251		25,760,251
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		68,783,638		68,818,030

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,582,854)				94,578,281

TOTAL INVESTMENTS IN SECURITIES-103.24% (Cost $2,365,766,731)				2,893,622,968
OTHER ASSETS LESS LIABILITIES-(3.24)%				(90,829,381	)

NET ASSETS-100.00%			$	2,802,793,587

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 February 29, 2024.

^(d)

Change in

Unrealized

Value

Purchases

Proceeds

Appreciation

Realized

Value

Dividend

August 31, 2023

at Cost

from Sales

(Depreciation)

Gain

February 29, 2024

Income

Invesco Ltd.

$ 695,991

251,553

(5,159

)

$(25,247)

$ 1,175

$ 918,313

$ 21,342

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	24,092,391		$	(24,092,391	)		$	-			$	-		$	-		$	21,331

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			16,906,620			141,608,774			(132,755,143	)			-				-			25,760,251			461,600	*

Invesco Private Prime Fund			43,474,166			337,251,238			(311,933,453	)			(4,313	)			30,392			68,818,030			1,238,211	*


Total		$	61,076,777		$	503,203,956		$	(468,786,146	)		$	(29,560	)		$	31,567		$	95,496,594		$	1,742,484

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Health Care			18.06

Financials			15.54

Consumer Staples			13.16

Consumer Discretionary			12.52

Industrials			9.97

Information Technology			9.48

Energy			7.95

Communication Services			7.16

Sector Types Each Less Than 3%			6.03

Money Market Funds Plus Other Assets Less Liabilities			0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco S&P MidCap 400 Revenue ETF (RWK)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-0.99%
Cable One, Inc.		943	$	430,008
Frontier Communications Parent, Inc.^(b)(c)		72,879		1,725,775
Iridium Communications, Inc.		5,744		166,289
New York Times Co. (The), Class A		15,293		677,174
Nexstar Media Group, Inc., Class A^(c)		10,158		1,687,955
TEGNA, Inc.		59,423		832,516
TKO Group Holdings, Inc.^(c)		5,919		495,598
Ziff Davis, Inc.^(b)(c)		6,396		439,789
ZoomInfo Technologies, Inc., Class A^(b)(c)		23,110		387,323

				6,842,427

Consumer Discretionary-22.88%
Adient PLC^(b)(c)		138,262		4,692,612
Aramark^(c)		204,854		6,213,222
Autoliv, Inc. (Sweden)		29,274		3,396,662
AutoNation, Inc.^(b)		58,418		8,751,016
Boyd Gaming Corp.^(c)		18,332		1,212,295
Brunswick Corp.		23,064		2,015,794
Burlington Stores, Inc.^(b)		15,641		3,207,969
Capri Holdings Ltd.^(b)		32,726		1,509,650
Carter’s, Inc.		12,182		986,133
Choice Hotels International, Inc.^(c)		4,054		453,805
Churchill Downs, Inc.		5,859		714,036
Columbia Sportswear Co.		13,235		1,094,402
Crocs, Inc.^(b)(c)		11,232		1,373,112
Deckers Outdoor Corp.^(b)		1,662		1,488,471
Dick’s Sporting Goods, Inc.^(c)		27,182		4,835,406
Five Below, Inc.^(b)		5,066		1,016,645
Floor & Decor Holdings, Inc., Class A^(b)(c)		12,908		1,563,417
Fox Factory Holding Corp.^(b)(c)		7,280		368,295
GameStop Corp., Class A^(b)(c)		108,359		1,546,283
Gap, Inc. (The)		201,864		3,823,304
Gentex Corp.^(c)		21,110		771,148
Goodyear Tire & Rubber Co. (The)^(b)		429,322		5,100,345
Graham Holdings Co., Class B		1,951		1,370,246
Grand Canyon Education, Inc.^(b)		1,974		266,095
H&R Block, Inc.		22,578		1,105,193
Harley-Davidson, Inc.		54,474		1,975,772
Helen of Troy Ltd.^(b)(c)		5,394		674,250
Hilton Grand Vacations, Inc.^(b)(c)		29,363		1,317,812
Hyatt Hotels Corp., Class A		17,014		2,613,180
KB Home		34,772		2,309,904
Lear Corp.		51,098		7,018,310
Leggett & Platt, Inc.		54,251		1,107,805
Light & Wonder, Inc.^(b)		9,592		964,092
Lithia Motors, Inc., Class A		33,187		9,924,904
Macy’s, Inc.^(c)		407,754		7,111,230
Marriott Vacations Worldwide Corp.		17,226		1,605,291
Mattel, Inc.^(b)(c)		81,541		1,606,358
Murphy USA, Inc.		18,200		7,589,582
Nordstrom, Inc.^(c)		263,659		5,528,929
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		8,197		657,154
PENN Entertainment, Inc.^(b)(c)		81,046		1,483,142
Penske Automotive Group, Inc.		57,612		8,843,442
Planet Fitness, Inc., Class A^(b)(c)		4,654		288,781
Polaris, Inc.		29,769		2,759,884
PVH Corp.		25,111		3,431,920


	Shares		Value
Consumer Discretionary-(continued)
RH^(b)(c)		3,880	$	1,064,672
Service Corp. International^(c)		18,413		1,347,648
Skechers U.S.A., Inc., Class A^(b)		38,653		2,389,142
Taylor Morrison Home Corp., Class A^(b)		48,422		2,741,169
Tempur Sealy International, Inc.^(c)		31,554		1,718,746
Texas Roadhouse, Inc.		11,634		1,737,771
Thor Industries, Inc.^(c)		28,705		3,679,407
Toll Brothers, Inc.		31,810		3,646,698
TopBuild Corp.^(b)		4,777		1,922,169
Travel + Leisure Co.		28,232		1,261,688
Under Armour, Inc., Class A^(b)(c)		101,762		911,788
Under Armour, Inc., Class C^(b)(c)		108,014		922,440
Vail Resorts, Inc.^(c)		3,776		869,651
Valvoline, Inc.^(b)(c)		12,154		518,247
Visteon Corp.^(b)		9,678		1,094,775
Wendy’s Co. (The)		33,586		608,243
Williams-Sonoma, Inc.^(c)		12,013		2,829,422
Wingstop, Inc.		524		183,950
Wyndham Hotels & Resorts, Inc.		5,356		410,002
YETI Holdings, Inc.^(b)(c)		10,203		418,731

				157,963,657

Consumer Staples-9.77%
BellRing Brands, Inc.^(b)		9,219		525,022
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		87,557		6,395,163
Boston Beer Co., Inc. (The), Class A^(b)		1,760		542,326
Casey’s General Stores, Inc.		15,976		4,864,532
Celsius Holdings, Inc.^(b)(c)		6,657		543,344
Coca-Cola Consolidated, Inc.		2,419		2,033,895
Coty,Inc.,Class A^(b)		147,436		1,851,796
Darling Ingredients, Inc.^(b)		42,854		1,813,153
Flowers Foods, Inc.		68,600		1,538,012
Grocery Outlet Holding Corp.^(b)		39,456		1,017,570
Ingredion, Inc.		22,886		2,692,080
Lancaster Colony Corp.		3,295		681,802
Performance Food Group Co.^(b)		259,419		19,915,597
Pilgrim’s Pride Corp.^(b)(c)		190,320		6,059,789
Post Holdings, Inc.^(b)		23,805		2,479,529
Sprouts Farmers Market, Inc.^(b)(c)		43,060		2,688,667
US Foods Holding Corp.^(b)		232,942		11,831,124

				67,473,401

Energy-6.99%
Antero Midstream Corp.		24,946		334,276
Antero Resources Corp.^(b)		73,962		1,900,823
ChampionX Corp.^(c)		38,492		1,195,562
Chesapeake Energy Corp.^(c)		31,087		2,573,382
Chord Energy Corp.		7,385		1,199,693
Civitas Resources, Inc.^(c)		13,533		929,446
CNX Resources Corp.^(b)(c)		29,051		608,618
DT Midstream, Inc.		4,844		279,160
Equitrans Midstream Corp.		41,017		438,472
HF Sinclair Corp.		186,861		10,370,785
Matador Resources Co.		14,664		926,032
Murphy Oil Corp.		25,646		1,017,377
NOV, Inc.		129,623		2,190,629
Ovintiv, Inc.		78,812		3,894,101
PBF Energy, Inc., Class A		288,758		13,484,999
Permian Resources Corp.		62,852		977,977

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Energy-(continued)
Range Resources Corp.^(c)		30,726	$	971,556
Southwestern Energy Co.^(b)		390,764		2,723,625
Valaris Ltd.^(b)(c)		7,860		495,573
Weatherford International PLC^(b)(c)		17,060		1,750,527

				48,262,613

Financials-12.09%
Affiliated Managers Group, Inc.		4,833		755,446
Ally Financial, Inc.		150,177		5,555,047
American Financial Group, Inc.		19,247		2,457,264
Annaly Capital Management, Inc.^(c)		99,013		1,890,158
Associated Banc-Corp.		31,484		656,127
Bank OZK^(c)		13,323		583,547
Brighthouse Financial, Inc.^(b)		17,577		818,209
Cadence Bank^(c)		27,704		766,847
Carlyle Group, Inc. (The)		25,009		1,146,663
CNO Financial Group, Inc.		44,408		1,185,250
Columbia Banking System, Inc.		26,097		472,356
Commerce Bancshares, Inc.		10,551		549,074
Cullen/Frost Bankers, Inc.		7,354		797,983
East West Bancorp, Inc.		15,833		1,153,592
Equitable Holdings, Inc.		110,507		3,783,760
Erie Indemnity Co., Class A		3,030		1,232,846
Essent Group Ltd.		6,139		328,866
Euronet Worldwide, Inc.^(b)		11,683		1,278,588
Evercore, Inc., Class A		4,744		887,508
F.N.B. Corp.		49,877		665,359
Federated Hermes, Inc., Class B		14,574		513,442
Fidelity National Financial, Inc.		69,008		3,490,425
First American Financial Corp.		29,825		1,742,078
First Financial Bankshares, Inc.^(c)		6,414		198,449
First Horizon Corp.		98,492		1,388,737
FirstCash Holdings, Inc.		7,893		903,748
Glacier Bancorp, Inc.^(c)		8,435		315,638
Hancock Whitney Corp.		12,353		538,591
Hanover Insurance Group, Inc. (The)		13,828		1,817,967
Home BancShares, Inc.		16,619		389,882
Houlihan Lokey, Inc.		4,620		594,409
Interactive Brokers Group, Inc., Class A		25,753		2,799,866
International Bancshares Corp.		5,657		293,542
Janus Henderson Group PLC		22,473		700,259
Jefferies Financial Group, Inc.		61,213		2,559,928
Kemper Corp.		32,151		1,843,217
Kinsale Capital Group, Inc.		997		514,631
MGIC Investment Corp.		18,991		377,731
Morningstar, Inc.		2,148		641,371
New York Community Bancorp, Inc.		227,457		1,089,519
Old National Bancorp		43,318		711,715
Old Republic International Corp.		77,976		2,258,185
Pinnacle Financial Partners, Inc.		8,641		714,784
Primerica, Inc.		3,965		972,456
Prosperity Bancshares, Inc.		7,191		448,790
Reinsurance Group of America, Inc.		32,420		5,733,477
RenaissanceRe Holdings Ltd. (Bermuda)		11,600		2,607,912
RLI Corp.		3,136		459,267
SEI Investments Co.		9,269		623,340
Selective Insurance Group, Inc.		11,857		1,238,819
SLM Corp.		47,374		986,800
SouthState Corp.^(c)		7,918		665,429
Starwood Property Trust, Inc.^(c)		29,575		603,034


	Shares		Value
Financials-(continued)
Stifel Financial Corp.		22,708	$	1,722,629
Synovus Financial Corp.^(c)		27,360		1,038,038
Texas Capital Bancshares, Inc.^(b)		8,959		525,445
UMB Financial Corp.		8,648		705,763
United Bankshares, Inc.		12,008		416,558
Unum Group		84,426		4,174,866
Valley National Bancorp		94,666		775,315
Voya Financial, Inc.		28,732		1,964,120
Webster Financial Corp.		23,371		1,113,394
Western Union Co. (The)		108,505		1,455,052
WEX, Inc.^(b)(c)		4,099		900,673
Wintrust Financial Corp.^(c)		10,142		977,182

				83,470,963

Health Care-3.92%
Acadia Healthcare Co., Inc.^(b)		11,522		961,511
Amedisys, Inc.^(b)		7,018		652,814
Arrowhead Pharmaceuticals, Inc.^(b)		2,958		94,952
Azenta, Inc.^(b)(c)		3,405		221,836
Bruker Corp.		12,248		1,059,942
Chemed Corp.		1,148		718,797
Doximity, Inc., Class A^(b)(c)		5,395		152,301
Encompass Health Corp.		21,363		1,589,407
Enovis Corp.^(b)(c)		9,878		590,803
Envista Holdings Corp.^(b)		32,491		670,939
Exelixis, Inc.^(b)		23,753		520,191
Globus Medical, Inc., Class A^(b)(c)		7,780		420,042
Haemonetics Corp.^(b)		4,312		314,690
Halozyme Therapeutics, Inc.^(b)(c)		5,767		229,584
HealthEquity, Inc.^(b)		4,187		345,888
Inari Medical, Inc.^(b)(c)		2,193		101,141
Integra LifeSciences Holdings Corp.^(b)(c)		11,096		409,553
Jazz Pharmaceuticals PLC^(b)		9,302		1,106,008
Lantheus Holdings, Inc.^(b)		4,830		315,785
LivaNova PLC^(b)		7,107		389,535
Masimo Corp.^(b)(c)		5,976		768,155
Medpace Holdings, Inc.^(b)		1,857		738,195
Neogen Corp.^(b)(c)		14,917		256,423
Neurocrine Biosciences, Inc.^(b)		4,509		587,974
Option Care Health, Inc.^(b)		41,575		1,341,625
Penumbra, Inc.^(b)(c)		1,311		307,980
Perrigo Co. PLC.		46,308		1,216,048
Progyny, Inc.^(b)(c)		8,406		306,987
QuidelOrtho Corp.^(b)(c)		13,926		635,026
R1 RCM, Inc.^(b)(c)		62,493		878,027
Repligen Corp.^(b)(c)		1,242		240,935
Shockwave Medical, Inc.^(b)		1,137		296,609
Sotera Health Co.^(b)(c)		20,304		304,763
Tenet Healthcare Corp.^(b)		83,365		7,752,945
United Therapeutics Corp.^(b)		2,690		606,972

				27,104,383

Industrials-18.94%
Acuity Brands, Inc.		6,205		1,558,944
Advanced Drainage Systems, Inc.		6,616		1,079,996
AECOM		46,574		4,137,168
AGCO Corp.		36,907		4,048,698
ASGN, Inc.^(b)		14,651		1,455,137
Avis Budget Group, Inc.^(c)		18,716		2,022,077
Brink’s Co. (The)		16,881		1,398,253
BWX Technologies, Inc.		8,921		899,504

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
CACI International, Inc., Class A^(b)		6,355	$	2,382,172
Carlisle Cos., Inc.		5,435		1,902,250
Chart Industries, Inc.^(b)(c)		6,646		949,448
Clean Harbors, Inc.^(b)		9,211		1,677,323
Comfort Systems USA, Inc.		7,566		2,313,153
Concentrix Corp.^(c)		20,358		1,474,937
Core & Main, Inc., Class A^(b)		51,487		2,457,474
Crane Co.		5,627		684,018
Curtiss-Wright Corp.		3,857		911,293
Donaldson Co., Inc.^(c)		16,478		1,180,154
EMCOR Group, Inc.		16,644		5,218,227
EnerSys		11,884		1,091,902
ESAB Corp.		9,874		978,711
ExlService Holdings, Inc.^(b)(c)		16,152		502,650
Exponent, Inc.		1,901		153,772
Flowserve Corp.		32,131		1,359,784
Fluor Corp.^(b)		118,780		4,371,104
Fortune Brands Innovations, Inc.		18,474		1,502,675
FTI Consulting, Inc.^(b)		4,435		917,513
GATX Corp.		3,564		452,058
Genpact Ltd.		38,051		1,293,734
Graco, Inc.		7,798		711,645
GXO Logistics, Inc.^(b)		49,753		2,575,215
Hertz Global Holdings, Inc.^(b)(c)		289,980		2,276,343
Hexcel Corp.		7,119		530,081
Insperity, Inc.		16,091		1,637,903
ITT, Inc.		8,377		1,056,675
KBR, Inc.		38,603		2,317,338
Kirby Corp.^(b)(c)		12,194		1,069,658
Knight-Swift Transportation Holdings, Inc.		36,843		2,075,735
Landstar System, Inc.		9,501		1,807,090
Lennox International, Inc.		3,450		1,625,674
Lincoln Electric Holdings, Inc.		5,792		1,486,227
ManpowerGroup, Inc.		73,989		5,339,046
MasTec, Inc.^(b)(c)		52,080		3,929,957
Maximus, Inc.		17,016		1,423,559
MDU Resources Group, Inc.		87,035		1,886,919
Middleby Corp. (The)^(b)(c)		8,855		1,347,377
MSA Safety, Inc.		2,998		552,082
MSC Industrial Direct Co., Inc., Class A^(c)		12,022		1,213,501
nVent Electric PLC		16,734		1,126,533
Oshkosh Corp.		27,776		3,079,247
Owens Corning		19,887		2,978,675
Paylocity Holding Corp.^(b)		2,401		404,833
RBC Bearings, Inc.^(b)(c)		1,707		465,721
Regal Rexnord Corp.^(c)		14,038		2,407,377
Ryder System, Inc.		32,826		3,745,447
Saia, Inc.^(b)(c)		2,098		1,207,189
Science Applications International Corp.		17,743		2,483,310
Sensata Technologies Holding PLC^(c)		36,350		1,251,167
Simpson Manufacturing Co., Inc.		3,566		744,153
Stericycle, Inc.^(b)		16,306		886,883
Sunrun, Inc.^(b)(c)		53,855		648,414
Terex Corp.		29,555		1,694,979
Tetra Tech, Inc.		8,063		1,429,731
Timken Co. (The)		18,931		1,590,015
Toro Co. (The)		16,587		1,531,146
Trex Co., Inc.^(b)(c)		4,414		405,029
UFP Industries, Inc.		19,669		2,254,657
Valmont Industries, Inc.		5,756		1,219,869


	Shares		Value
Industrials-(continued)
Watsco, Inc.^(c)		5,203	$	2,050,606
Watts Water Technologies, Inc., Class A		3,004		612,666
Werner Enterprises, Inc.^(c)		24,377		978,493
WESCO International, Inc.		41,217		6,161,529
Woodward, Inc.		6,440		911,196
XPO, Inc.^(b)		27,456		3,303,506

				130,808,525

Information Technology-10.11%
Allegro MicroSystems, Inc. (Japan)^(b)(c)		11,784		371,078
Amkor Technology, Inc.		68,313		2,119,069
Arrow Electronics, Inc.^(b)		85,397		10,034,148
Aspen Technology, Inc.^(b)(c)		1,536		297,815
Avnet, Inc.		162,719		7,581,078
Belden, Inc.		10,676		909,382
Blackbaud, Inc.^(b)		3,731		258,111
Calix, Inc.^(b)(c)		7,178		250,297
Ciena Corp.^(b)		29,208		1,664,272
Cirrus Logic, Inc.^(b)		6,617		607,573
Cognex Corp.		6,827		269,325
Coherent Corp.^(b)		34,709		2,064,491
Commvault Systems, Inc.^(b)		3,130		299,572
Crane NXT Co.		13,708		800,821
Dolby Laboratories, Inc., Class A		4,293		347,733
Dropbox, Inc., Class A^(b)		26,368		631,514
Dynatrace, Inc.^(b)		7,068		350,219
GoDaddy, Inc., Class A^(b)		11,811		1,348,226
IPG Photonics Corp.^(b)		3,924		338,837
Kyndryl Holdings, Inc.^(b)		269,920		5,930,142
Lattice Semiconductor Corp.^(b)(c)		3,554		272,272
Littelfuse, Inc.		2,964		706,143
Lumentum Holdings, Inc.^(b)		10,571		512,376
MACOM Technology Solutions Holdings, Inc.^(b)(c)		2,212		195,386
Manhattan Associates, Inc.^(b)		1,179		298,676
MKS Instruments, Inc.		13,390		1,643,756
Novanta, Inc.^(b)(c)		1,703		294,517
Onto Innovation, Inc.^(b)		1,804		332,225
Power Integrations, Inc.		1,800		128,628
Qualys, Inc.^(b)		839		144,191
Rambus, Inc.^(b)(c)		2,054		121,679
Silicon Laboratories, Inc.^(b)(c)		2,304		316,892
Super Micro Computer, Inc.^(b)		8,008		6,935,889
Synaptics, Inc.^(b)		3,165		316,817
TD SYNNEX Corp.		174,512		18,131,797
Teradata Corp.^(b)(c)		12,404		466,638
Universal Display Corp.^(c)		998		174,071
Vishay Intertechnology, Inc.		44,318		963,917
Vontier Corp.		27,381		1,177,383
Wolfspeed, Inc.^(b)(c)		6,529		169,885

				69,776,841

Materials-9.08%
Alcoa Corp.		127,500		3,469,275
AptarGroup, Inc.		7,981		1,121,011
Ashland, Inc.		7,745		725,242
Avient Corp.		26,047		1,054,383
Axalta Coating Systems Ltd.^(b)		45,985		1,505,089
Berry Global Group, Inc.		57,124		3,325,188
Cabot Corp.		14,932		1,268,473
Chemours Co. (The)		61,296		1,205,692

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Materials-(continued)
Cleveland-Cliffs, Inc.^(b)		373,305	$	7,764,744
Commercial Metals Co.		56,719		3,062,826
Crown Holdings, Inc.		40,502		3,103,263
Eagle Materials, Inc.		3,440		872,212
Graphic Packaging Holding Co.^(c)		121,123		3,143,142
Greif, Inc., Class A.		23,925		1,542,205
Knife River Corp.^(b)		14,906		1,104,386
Louisiana-Pacific Corp.		12,139		897,922
MP Materials Corp.^(b)(c)		5,332		81,100
NewMarket Corp.		1,469		942,613
Olin Corp.		42,483		2,285,585
Reliance, Inc.		16,813		5,400,672
Royal Gold, Inc.		1,535		157,537
RPM International, Inc.^(c)		20,240		2,334,684
Scotts Miracle-Gro Co. (The)^(c)		17,301		1,136,676
Silgan Holdings, Inc.		42,585		1,869,907
Sonoco Products Co.		37,001		2,097,217
United States Steel Corp.^(c)		150,434		7,121,546
Westlake Corp.		29,729		4,123,710

				62,716,300

Real Estate-2.27%
Agree Realty Corp.		2,537		139,408
Apartment Income REIT Corp.		7,490		227,097
Brixmor Property Group, Inc.^(c)		16,162		365,423
COPT Defense Properties^(c)		8,101		196,287
Cousins Properties, Inc.^(c)		10,514		239,824
CubeSmart		7,316		319,051
EastGroup Properties, Inc.		939		164,973
EPR Properties		4,642		190,693
Equity LifeStyle Properties, Inc.^(c)		6,192		416,846
First Industrial Realty Trust, Inc.		3,576		189,528
Gaming and Leisure Properties, Inc.		9,015		410,002
Healthcare Realty Trust, Inc.		25,112		346,043
Independence Realty Trust, Inc.		13,258		194,097
Jones Lang LaSalle, Inc.^(b)(c)		36,387		6,922,263
Kilroy Realty Corp.^(c)		8,759		331,879
Kite Realty Group Trust		11,161		238,957
Lamar Advertising Co., Class A		5,873		649,260
Medical Properties Trust, Inc.^(c)		86,496		364,148
National Storage Affiliates Trust		6,821		244,260
NNN REIT, Inc.^(c)		5,868		238,769
Omega Healthcare Investors, Inc.		8,389		261,066
Park Hotels & Resorts, Inc.		52,600		873,160
PotlatchDeltic Corp.		6,705		303,133
Rayonier, Inc.^(c)		7,840		269,931
Rexford Industrial Realty, Inc.		4,302		218,886
Sabra Health Care REIT, Inc.		13,194		183,133
STAG Industrial, Inc.		5,663		210,324
Vornado Realty Trust^(c)		19,118		502,803
W.P. Carey, Inc.^(c)		8,204		462,131

				15,673,375


	Shares		Value
Utilities-2.89%
ALLETE, Inc.		9,170	$	519,389
Black Hills Corp.		13,809		718,482
Essential Utilities, Inc.		18,668		649,273
IDACORP, Inc.^(c)		5,224		460,287
National Fuel Gas Co.		13,214		644,050
New Jersey Resources Corp.		12,898		536,686
NorthWestern Energy Group, Inc.		8,472		405,978
OGE Energy Corp.		23,638		777,927
ONE Gas, Inc.		12,370		737,252
Ormat Technologies, Inc.		3,312		215,777
PNM Resources, Inc.^(c)		14,607		533,301
Portland General Electric Co.^(c)		18,728		752,304
Southwest Gas Holdings, Inc.		26,515		1,806,997
Spire, Inc.		12,516		742,449
UGI Corp.		132,144		3,234,885
Vistra Corp.		131,811		7,188,972

				19,924,009

Total Common Stocks & Other Equity Interests (Cost $590,413,660)				690,016,494


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e) (Cost $180,090)		180,090		180,090

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $590,593,750)				690,196,584


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.81%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		24,698,147		24,698,147
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		63,694,202		63,726,049

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $88,431,725)				88,424,196

TOTAL INVESTMENTS IN SECURITIES-112.76% (Cost $679,025,475)				778,620,780
OTHER ASSETS LESS LIABILITIES-(12.76)%				(88,138,623	)

NET ASSETS-100.00%			$	690,482,157

Investment Abbreviations:

REIT-Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	256,285		$	5,307,500		$	(5,383,695	)		$	-			$	-		$	180,090		$	5,383
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			19,813,137			127,090,978			(122,205,968	)			-				-			24,698,147			698,339	*
Invesco Private Prime Fund			50,948,068			252,506,232			(239,761,131	)			(5,883	)			38,763			63,726,049			1,854,913	*

Total		$	71,017,490		$	384,904,710		$	(367,350,794	)		$	(5,883	)		$	38,763		$	88,604,286		$	2,558,635

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition


Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Consumer Discretionary			22.88

Industrials			18.94

Financials			12.09

Information Technology			10.11

Consumer Staples			9.77

Materials			9.08

Energy			6.99

Health Care			3.92

Sector Types Each Less Than 3%			6.15

Money Market Funds Plus Other Assets Less Liabilities			0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-3.28%
AMC Networks, Inc., Class A^(b)(c)		185,814	$	2,404,433
ATN International, Inc.^(c)		25,353		850,340
CarGurus, Inc.^(b)		48,853		1,081,605
Cars.com, Inc.^(b)(c)		38,477		705,668
Cinemark Holdings, Inc.^(b)(c)		228,029		3,969,985
Cogent Communications Holdings, Inc.		12,776		1,033,706
Consolidated Communications Holdings, Inc.^(b)		279,186		1,203,292
E.W. Scripps Co. (The), Class A^(b)(c)		336,977		1,358,017
Gogo, Inc.^(b)(c)		42,599		347,608
John Wiley & Sons, Inc., Class A^(c)		70,924		2,365,315
Lumen Technologies, Inc.^(b)(c)		10,928,247		17,703,760
Madison Square Garden Sports Corp., Class A^(b)(c)		5,714		1,075,318
Marcus Corp. (The)^(c)		56,040		822,107
QuinStreet, Inc.^(b)(c)		46,551		681,041
Scholastic Corp.		47,106		1,857,861
Shenandoah Telecommunications Co.^(c)		14,765		275,515
Shutterstock, Inc.		20,957		1,021,863
TechTarget, Inc.^(b)(c)		8,456		268,140
Telephone & Data Systems, Inc.		308,983		4,727,440
Thryv Holdings, Inc.^(b)(c)		54,008		1,130,927
TripAdvisor, Inc.^(b)(c)		107,835		2,892,135
Yelp, Inc.^(b)		32,090		1,233,540

				49,009,616

Consumer Discretionary-24.77%
Abercrombie & Fitch Co., Class A^(b)		56,039		7,159,543
Academy Sports & Outdoors, Inc.^(c)		119,718		8,945,329
Adtalem Global Education, Inc.^(b)(c)		26,393		1,306,453
Advance Auto Parts, Inc.^(c)		220,918		14,920,802
American Axle & Manufacturing Holdings, Inc.^(b)(c)		874,088		6,048,689
American Eagle Outfitters, Inc.^(c)		277,560		6,592,050
America’s Car-Mart, Inc.^(b)(c)		25,728		1,732,524
Asbury Automotive Group, Inc.^(b)(c)		74,931		15,647,841
BJ’s Restaurants, Inc.^(b)(c)		44,605		1,562,067
Bloomin’ Brands, Inc.		205,441		5,583,886
Boot Barn Holdings, Inc.^(b)(c)		25,692		2,376,510
Brinker International, Inc.^(b)(c)		115,351		5,345,365
Buckle, Inc. (The)^(c)		32,857		1,345,166
Caleres, Inc.^(c)		110,603		4,270,382
Cavco Industries, Inc.^(b)		6,840		2,548,379
Century Communities, Inc.		51,376		4,433,235
Cheesecake Factory, Inc. (The)		114,868		4,064,030
Chuy’s Holdings, Inc.^(b)(c)		13,451		455,047
Cracker Barrel Old Country Store, Inc.^(c)		51,803		3,425,732
Dana, Inc.		851,223		10,640,287
Dave & Buster’s Entertainment, Inc.^(b)(c)		51,064		3,152,691
Designer Brands, Inc., Class A^(c)		410,126		4,330,931
Dine Brands Global, Inc.^(c)		18,251		885,356
Dorman Products, Inc.^(b)(c)		28,504		2,685,647
Ethan Allen Interiors, Inc.^(c)		27,377		915,213
Foot Locker, Inc.^(c)		316,341		10,891,621
Frontdoor, Inc.^(b)		56,212		1,762,808
Gentherm, Inc.^(b)(c)		35,611		2,024,841
G-III Apparel Group Ltd.^(b)		111,293		3,702,718


	Shares		Value
Consumer Discretionary-(continued)
Golden Entertainment, Inc.^(c)		30,298	$	1,122,844
Green Brick Partners, Inc.^(b)		38,155		2,232,067
Group 1 Automotive, Inc.		67,984		18,399,870
Guess?, Inc.^(c)		135,725		3,444,700
Hanesbrands, Inc.^(b)(c)		1,652,539		8,923,711
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 02/12/2024; Cost $860,259)^(d)		30,811		1,056,817
Hibbett, Inc.^(c)		29,148		2,388,679
Installed Building Products, Inc.^(c)		18,633		4,451,983
iRobot Corp.^(b)(c)		24,843		283,459
Jack in the Box, Inc.^(c)		23,858		1,741,634
Kohl’s Corp.^(c)		781,971		21,793,532
Kontoor Brands, Inc.		54,747		3,236,095
La-Z-Boy, Inc.		66,467		2,525,081
LCI Industries		36,472		4,594,743
Leslie’s, Inc.^(b)(c)		299,182		2,363,538
LGI Homes, Inc.^(b)(c)		20,748		2,367,139
M.D.C. Holdings, Inc.^(c)		106,596		6,683,569
M/I Homes, Inc.^(b)		41,138		5,224,115
MarineMax, Inc.^(b)(c)		79,471		2,638,437
Meritage Homes Corp.		44,998		7,094,385
Mister Car Wash, Inc.^(b)(c)		126,044		1,044,905
Monarch Casino & Resort, Inc.		8,219		578,207
Monro, Inc.		46,062		1,546,301
Movado Group, Inc.^(c)		26,489		760,499
National Vision Holdings, Inc.^(b)(c)		123,968		2,900,851
Newell Brands, Inc.		1,092,819		8,196,142
ODP Corp. (The)^(b)		190,346		10,750,742
Oxford Industries, Inc.^(c)		18,759		1,901,975
Papa John’s International, Inc.^(c)		33,257		2,390,846
Patrick Industries, Inc.		45,646		5,474,781
Perdoceo Education Corp.		43,309		771,333
Phinia, Inc.		144,289		4,937,570
Sabre Corp.^(b)(c)		815,305		2,160,558
Sally Beauty Holdings, Inc.^(b)(c)		369,424		4,665,825
Shake Shack, Inc., Class A^(b)		19,208		2,042,195
Shoe Carnival, Inc.^(c)		47,431		1,554,314
Signet Jewelers Ltd.^(c)		83,420		8,488,819
Six Flags Entertainment Corp.^(b)(c)		59,828		1,516,042
Sonic Automotive, Inc., Class A^(c)		313,969		16,483,372
Sonos, Inc.^(b)		114,872		2,177,973
Standard Motor Products, Inc.^(c)		40,581		1,288,853
Steven Madden Ltd.		54,273		2,323,970
Strategic Education, Inc.		13,025		1,443,040
Stride, Inc.^(b)(c)		34,647		2,070,158
Sturm, Ruger & Co., Inc.		13,832		599,202
Topgolf Callaway Brands Corp.^(b)(c)		360,947		5,139,885
Tri Pointe Homes, Inc.^(b)		139,560		4,937,633
Upbound Group, Inc.^(c)		137,624		4,646,186
Urban Outfitters, Inc.^(b)(c)		154,062		6,401,276
Victoria’s Secret & Co.^(b)(c)		256,224		7,317,757
Vista Outdoor, Inc.^(b)(c)		117,756		3,673,987
Winnebago Industries, Inc.^(c)		55,020		3,946,585
Wolverine World Wide, Inc.		296,567		3,016,086

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Worthington Enterprises, Inc.^(c)		15,988	$	993,175
XPEL, Inc.^(b)(c)(e)		8,115		426,687

				369,889,271

Consumer Staples-8.10%
Andersons, Inc. (The)^(c)		335,462		18,544,339
B&G Foods, Inc.^(c)		230,326		2,660,265
Calavo Growers, Inc.^(c)		38,610		1,114,285
Cal-Maine Foods, Inc.		63,222		3,634,633
Central Garden & Pet Co.^(b)(c)		40,714		1,786,123
Central Garden & Pet Co., Class A^(b)		57,134		2,153,380
Chefs’ Warehouse, Inc. (The)^(b)(c)		129,443		4,920,128
Edgewell Personal Care Co.		71,966		2,748,382
Energizer Holdings, Inc.		106,343		3,036,093
Fresh Del Monte Produce, Inc.		199,097		4,764,391
Hain Celestial Group, Inc. (The)^(b)(c)		195,473		1,954,730
Inter Parfums, Inc.^(c)		10,640		1,561,101
J&J Snack Foods Corp.^(c)		9,869		1,431,795
John B. Sanfilippo & Son, Inc.		10,806		1,106,210
Medifast, Inc.^(c)		17,566		704,221
MGP Ingredients, Inc.^(c)		9,951		847,626
National Beverage Corp.^(b)(c)		27,298		1,436,967
Nu Skin Enterprises, Inc., Class A		126,095		1,576,187
PriceSmart, Inc.		68,733		5,783,195
Simply Good Foods Co. (The)^(b)(c)		33,703		1,195,782
SpartanNash Co.		469,153		9,885,054
Tootsie Roll Industries, Inc.		24,080		783,082
TreeHouse Foods, Inc.^(b)		95,636		3,422,812
United Natural Foods, Inc.^(b)(c)		2,218,789		34,635,296
Universal Corp.		48,652		2,335,783
USANA Health Sciences, Inc.^(b)(c)		20,160		972,922
Vector Group Ltd.		140,536		1,568,382
WD-40 Co.^(c)		2,419		649,235
WK Kellogg Co.		262,193		3,838,505

				121,050,904

Energy-9.38%
Archrock, Inc.		70,158		1,281,786
Bristow Group, Inc.^(b)		41,196		1,110,232
California Resources Corp.		66,716		3,480,574
Callon Petroleum Co.^(b)(c)		90,565		2,822,005
Comstock Resources, Inc.^(c)		257,204		2,199,094
CONSOL Energy, Inc.		30,127		2,585,499
Core Laboratories, Inc.^(c)		30,709		459,714
CVR Energy, Inc.		355,196		11,785,403
Dorian LPG Ltd.^(c)		13,513		488,495
Dril-Quip, Inc.^(b)(c)		19,766		446,712
Green Plains, Inc.^(b)(c)		165,383		3,522,658
Helix Energy Solutions Group, Inc.^(b)		141,395		1,272,555
Helmerich & Payne, Inc.^(c)		88,521		3,398,321
Liberty Energy, Inc., Class A		299,809		6,409,917
Nabors Industries Ltd.^(b)(c)		42,436		3,325,709
Northern Oil and Gas, Inc.^(c)		54,573		1,949,893
Oceaneering International, Inc.^(b)(c)		132,346		2,615,157
Oil States International, Inc.^(b)(c)		123,560		665,988
Par Pacific Holdings, Inc.^(b)		258,561		9,339,223
Patterson-UTI Energy, Inc.		342,412		3,961,707
ProPetro Holding Corp.^(b)		218,489		1,616,819
REX American Resources Corp.^(b)		21,538		947,241
RPC, Inc.^(c)		267,648		1,977,919
SM Energy Co.		76,055		3,328,927


	Shares		Value
Energy-(continued)
Talos Energy, Inc.^(b)(c)		113,669	$	1,499,294
U.S. Silica Holdings, Inc.^(b)		165,522		1,903,503
Vital Energy, Inc.^(b)(c)		38,885		1,957,082
World Kinect Corp.^(c)		2,616,266		63,732,240

				140,083,667

Financials-10.90%
Ambac Financial Group, Inc.^(b)		18,665		305,359
American Equity Investment Life Holding Co.^(b)		38,366		2,130,848
Ameris Bancorp		32,013		1,483,162
AMERISAFE, Inc.		6,907		364,413
Apollo Commercial Real Estate Finance, Inc.^(c)		70,841		794,128
Arbor Realty Trust, Inc.^(c)		131,565		1,762,971
Artisan Partners Asset Management, Inc., Class A^(c)		27,600		1,188,732
Assured Guaranty Ltd.		12,666		1,160,206
Atlantic Union Bankshares Corp.		31,322		1,041,770
Axos Financial, Inc.^(b)(c)		32,019		1,668,830
B. Riley Financial, Inc.^(c)		62,125		1,138,751
Banc of California, Inc.		39,018		570,833
BancFirst Corp.		8,975		787,467
Bancorp, Inc. (The)^(b)(c)		16,415		732,766
Bank of Hawaii Corp.^(c)		15,642		942,900
BankUnited, Inc.		69,863		1,873,726
Banner Corp.^(c)		15,835		694,206
Berkshire Hills Bancorp, Inc.^(c)		28,735		617,515
Blackstone Mortgage Trust, Inc., Class A^(c)		102,418		2,086,255
Bread Financial Holdings, Inc.^(c)		176,469		6,755,233
BrightSphere Investment Group, Inc.		24,626		558,025
Brookline Bancorp, Inc.		58,348		570,060
Capitol Federal Financial, Inc.		71,100		411,669
Cathay General Bancorp		33,215		1,297,046
Central Pacific Financial Corp.		17,803		332,204
City Holding Co.^(c)		3,522		353,891
Community Bank System, Inc.^(c)		16,168		732,410
Customers Bancorp, Inc.^(b)		28,850		1,566,844
CVB Financial Corp.		35,352		601,691
Dime Community Bancshares, Inc.		27,965		524,064
Donnelley Financial Solutions, Inc.^(b)(c)		14,089		909,586
Eagle Bancorp, Inc.		24,804		590,831
Ellington Financial, Inc.		32,045		363,070
Employers Holdings, Inc.		23,317		1,065,820
Encore Capital Group, Inc.^(b)(c)		27,654		1,327,392
Enova International, Inc.^(b)		47,585		3,009,751
EVERTEC, Inc.		18,246		659,228
EZCORP, Inc., Class A^(b)(c)		130,242		1,366,239
FB Financial Corp.^(c)		21,400		762,696
First Bancorp		76,978		1,307,086
First Bancorp/Southern Pines NC^(c)		16,195		552,573
First Commonwealth Financial Corp.^(c)		42,832		558,101
First Financial Bancorp		51,168		1,110,346
First Hawaiian, Inc.		55,305		1,159,193
Franklin BSP Realty Trust, Inc.		38,463		496,557
Fulton Financial Corp.^(c)		99,935		1,538,999
Genworth Financial, Inc., Class A^(b)		1,277,065		7,853,950
Goosehead Insurance, Inc., Class A^(b)(c)		3,876		293,219
Green Dot Corp., Class A^(b)(c)		173,480		1,424,271

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Financials-(continued)
Hanmi Financial Corp.		22,428	$	338,887
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		12,343		310,673
HCI Group, Inc.^(c)		6,192		604,463
Heritage Financial Corp.		16,330		299,656
Hilltop Holdings, Inc.^(c)		47,951		1,480,727
Hope Bancorp, Inc.		103,081		1,130,799
Horace Mann Educators Corp.		46,642		1,687,974
Independent Bank Corp.		15,705		819,330
Independent Bank Group, Inc.		22,183		970,063
Jackson Financial, Inc., Class A		42,968		2,365,388
KKR Real Estate Finance Trust, Inc.^(c)		54,795		534,251
Lakeland Financial Corp.^(c)		6,569		418,445
Lincoln National Corp.		812,733		22,382,667
Mercury General Corp.		124,218		6,048,174
Moelis & Co., Class A		17,046		921,166
Mr. Cooper Group, Inc.^(b)(c)		29,297		2,088,290
National Bank Holdings Corp., Class A		15,873		537,142
Navient Corp.		284,479		4,625,629
NBT Bancorp, Inc.		17,132		589,169
NCR Atleos Corp.^(b)		203,913		4,437,147
New York Mortgage Trust, Inc.^(c)		50,154		361,610
NMI Holdings, Inc., Class A^(b)		21,528		647,562
Northfield Bancorp, Inc.^(c)		20,794		210,019
Northwest Bancshares, Inc.^(c)		60,965		698,659
OFG Bancorp		22,260		806,257
Pacific Premier Bancorp, Inc.^(c)		39,659		906,605
Palomar Holdings, Inc.^(b)		6,352		483,641
Park National Corp.^(c)		4,844		622,502
Pathward Financial, Inc.		14,520		738,197
Payoneer Global, Inc.^(b)(c)		166,215		807,805
PennyMac Mortgage Investment Trust^(c)		99,835		1,410,669
Piper Sandler Cos		8,422		1,585,610
PJT Partners, Inc., Class A		12,287		1,295,050
PRA Group, Inc.^(b)		42,383		1,083,310
Preferred Bank^(c)		7,201		517,392
ProAssurance Corp.		94,855		1,169,562
PROG Holdings, Inc.^(b)		91,839		2,835,070
Provident Financial Services, Inc.^(c)		43,475		655,603
Radian Group, Inc.		51,351		1,496,368
Ready Capital Corp.^(c)		115,340		1,018,452
Redwood Trust, Inc.^(c)		112,463		689,398
Renasant Corp.^(c)		30,480		963,473
S&T Bancorp, Inc.		17,997		561,326
Safety Insurance Group, Inc.		12,308		1,011,225
Seacoast Banking Corp. of Florida^(c)		29,554		713,434
ServisFirst Bancshares, Inc.^(c)		14,895		941,215
Simmons First National Corp., Class A		80,613		1,547,770
SiriusPoint Ltd. (Bermuda)^(b)		291,723		3,579,441
Southside Bancshares, Inc.^(c)		13,490		386,623
Stellar Bancorp, Inc.^(c)		24,774		587,144
Stewart Information Services Corp.^(c)		48,195		3,035,321
StoneX Group, Inc.^(b)		29,864		2,068,381
Tompkins Financial Corp.		5,384		259,293
Triumph Financial, Inc.^(b)(c)		7,014		526,050
Trupanion, Inc.^(b)(c)		39,400		1,053,950
TrustCo Bank Corp.		8,645		235,922
Trustmark Corp.		43,387		1,165,375
Two Harbors Investment Corp.		46,920		594,476
United Community Banks, Inc.^(c)		49,737		1,293,659


	Shares		Value
Financials-(continued)
United Fire Group, Inc., (Acquired 06/19/2020 - 02/12/2024; Cost $1,352,781)^(d)		55,319	$	1,288,380
Veritex Holdings, Inc.^(c)		37,511		736,341
Virtus Investment Partners, Inc.		4,376		1,016,632
WaFd, Inc.		38,662		1,053,153
Walker & Dunlop, Inc.^(c)		14,927		1,423,737
Westamerica Bancorporation		6,491		296,704
WisdomTree, Inc.^(c)		55,200		444,912
World Acceptance Corp.^(b)(c)		5,085		608,980
WSFS Financial Corp.		31,374		1,329,944

				162,749,125

Health Care-6.60%
AdaptHealth Corp.^(b)(c)		418,308		4,279,291
Addus HomeCare Corp.^(b)		12,116		1,118,064
Agiliti, Inc.^(b)(c)		169,287		1,670,863
Alkermes PLC^(b)(c)		67,968		2,017,970
AMN Healthcare Services, Inc.^(b)		65,676		3,695,588
Amphastar Pharmaceuticals, Inc.^(b)(c)		11,432		532,388
ANI Pharmaceuticals, Inc.^(b)(c)		9,900		669,933
Arcus Biosciences, Inc.^(b)(c)		8,193		156,732
Artivion, Inc.^(b)(c)		20,274		391,288
Astrana Health, Inc.^(b)(c)		44,770		2,016,441
Avanos Medical, Inc.^(b)		38,242		710,154
BioLife Solutions, Inc.^(b)(c)		12,582		212,636
Catalyst Pharmaceuticals, Inc.^(b)(c)		26,573		425,965
Certara, Inc.^(b)(c)		23,188		391,413
Collegium Pharmaceutical, Inc.^(b)(c)		21,579		792,165
CONMED Corp.		11,458		920,307
Corcept Therapeutics, Inc.^(b)(c)		18,296		429,956
CorVel Corp.^(b)(c)		3,608		880,352
Cross Country Healthcare, Inc.^(b)(c)		121,421		2,218,362
Cytek Biosciences, Inc.^(b)(c)		25,795		198,621
Cytokinetics, Inc.^(b)(c)		249		17,988
Dynavax Technologies Corp.^(b)(c)		29,279		370,965
Embecta Corp.		67,546		964,557
Enhabit, Inc.^(b)(c)		103,282		929,538
Ensign Group, Inc. (The)		36,121		4,512,235
Fortrea Holdings, Inc.^(b)(c)		111,753		4,195,208
Fulgent Genetics, Inc.^(b)(c)		11,415		257,522
Glaukos Corp.^(b)(c)		5,158		456,947
Harmony Biosciences Holdings, Inc.^(b)(c)		18,866		605,599
HealthStream, Inc.		11,500		313,720
ICU Medical, Inc.^(b)(c)		28,979		3,165,376
Innoviva, Inc.^(b)(c)		21,710		331,729
Integer Holdings Corp.^(b)(c)		19,595		2,161,133
Ironwood Pharmaceuticals, Inc.^(b)(c)		44,521		419,833
LeMaitre Vascular, Inc.^(c)		3,664		256,480
Ligand Pharmaceuticals, Inc.^(b)(c)		2,682		212,817
Merit Medical Systems, Inc.^(b)(c)		18,875		1,438,275
Mesa Laboratories, Inc.		2,236		244,149
ModivCare, Inc.^(b)(c)		76,399		2,142,228
Myriad Genetics, Inc.^(b)		42,778		895,344
National HealthCare Corp.^(c)		13,205		1,302,805
NeoGenomics, Inc.^(b)(c)		33,823		527,639
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(f)		785		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(f)		785		0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Health Care-(continued)
Omnicell, Inc.^(b)(c)		36,581	$	959,885
OraSure Technologies, Inc.^(b)(c)		68,786		494,915
Organon & Co.		613,822		10,686,641
Owens & Minor, Inc.^(b)(c)		512,613		12,471,874
Pacira BioSciences, Inc.^(b)(c)		25,597		760,743
Pediatrix Medical Group, Inc.^(b)(c)		239,698		2,193,237
Phibro Animal Health Corp., Class A		95,113		1,229,811
Premier, Inc., Class A		68,895		1,437,150
Prestige Consumer Healthcare, Inc.^(b)		20,399		1,419,362
Privia Health Group, Inc.^(b)(c)		80,368		1,793,814
RadNet, Inc.^(b)		48,946		1,853,096
REGENXBIO, Inc.^(b)(c)		5,463		95,275
Schrodinger, Inc.^(b)(c)		6,729		171,320
Select Medical Holdings Corp.		307,990		8,386,568
Simulations Plus, Inc.^(c)		1,644		68,226
STAAR Surgical Co.^(b)(c)		10,014		312,837
Supernus Pharmaceuticals, Inc.^(b)(c)		24,472		726,818
Tandem Diabetes Care, Inc.^(b)		34,653		922,809
U.S. Physical Therapy, Inc.^(c)		7,120		756,642
UFP Technologies, Inc.^(b)(c)		2,374		494,528
Varex Imaging Corp.^(b)(c)		48,941		841,785
Veradigm, Inc.^(b)(c)		65,107		389,991
Vericel Corp.^(b)(c)		5,892		269,147
Vir Biotechnology, Inc.^(b)(c)		13,316		149,672
Xencor, Inc.^(b)(c)		7,743		177,702

				98,514,424

Industrials-17.92%
3D Systems Corp.^(b)(c)		92,194		381,683
AAON, Inc.^(c)		18,438		1,548,423
AAR Corp.^(b)		33,263		2,221,303
ABM Industries, Inc.		201,961		8,343,009
AeroVironment, Inc.^(b)(c)		5,639		714,969
Alamo Group, Inc.		9,535		1,928,835
Alaska Air Group, Inc.^(b)(c)		318,647		11,914,211
Albany International Corp., Class A		13,223		1,241,243
Allegiant Travel Co.^(c)		37,083		2,698,901
American Woodmark Corp.^(b)		24,175		2,423,302
Apogee Enterprises, Inc.		33,008		1,888,388
Applied Industrial Technologies, Inc.		29,475		5,597,008
ArcBest Corp.		46,483		6,640,561
Arcosa, Inc.		31,884		2,646,372
Armstrong World Industries, Inc.		15,737		1,898,040
Astec Industries, Inc.		48,051		1,950,871
AZZ, Inc.^(c)		32,669		2,378,303
Barnes Group, Inc.^(c)		51,091		1,785,120
Boise Cascade Co.		67,059		9,113,989
Brady Corp., Class A		25,478		1,484,858
CoreCivic, Inc.^(b)(c)		149,787		2,281,256
CSG Systems International, Inc.		23,994		1,309,113
Deluxe Corp.		133,762		2,596,320
DNOW, Inc.^(b)		237,352		3,358,531
DXP Enterprises, Inc.^(b)		57,607		2,046,201
Dycom Industries, Inc.^(b)		41,809		5,288,420
Encore Wire Corp.^(c)		15,168		3,655,488
Enerpac Tool Group Corp.^(c)		22,668		764,138
Enpro, Inc.		8,648		1,347,531
Enviri Corp.^(b)		317,634		2,496,603
ESCO Technologies, Inc.^(c)		9,682		986,499
Federal Signal Corp.		25,715		2,106,316


	Shares		Value
Industrials-(continued)
Forrester Research, Inc.^(b)(c)		21,335	$	430,327
Forward Air Corp.		29,278		1,087,092
Franklin Electric Co., Inc.		24,893		2,587,876
GEO Group, Inc. (The)^(b)(c)		262,165		3,216,765
Gibraltar Industries, Inc.^(b)		21,493		1,664,633
GMS, Inc.^(b)		82,081		7,330,654
Granite Construction, Inc.^(c)		77,030		3,969,356
Greenbrier Cos., Inc. (The)^(c)		109,746		5,679,355
Griffon Corp.		57,982		4,139,915
Hayward Holdings, Inc.^(b)(c)		82,324		1,217,572
Healthcare Services Group, Inc.^(b)(c)		188,327		2,403,053
Heartland Express, Inc.^(c)		100,911		1,289,643
Heidrick & Struggles International, Inc.		39,253		1,334,602
Hillenbrand, Inc.^(c)		76,770		3,650,414
HNI Corp.		64,113		2,872,904
Hub Group, Inc., Class A^(b)		122,100		5,192,913
Insteel Industries, Inc.^(c)		20,369		741,635
Interface, Inc.^(c)		129,319		2,032,895
JetBlue Airways Corp.^(b)(c)		1,970,980		12,771,950
John Bean Technologies Corp.^(c)		21,003		2,131,384
Kaman Corp.		36,610		1,677,104
Kelly Services, Inc., Class A		247,247		6,064,969
Kennametal, Inc.^(c)		94,442		2,383,716
Korn Ferry		57,749		3,676,301
Lindsay Corp.		6,024		718,723
Liquidity Services, Inc.^(b)		19,804		355,086
Marten Transport Ltd.^(c)		66,759		1,258,407
MasterBrand, Inc.^(b)		217,126		3,758,451
Matson, Inc.		34,761		3,860,209
Matthews International Corp., Class A		60,155		1,740,886
Mercury Systems, Inc.^(b)(c)		27,566		823,396
MillerKnoll, Inc.		155,966		4,764,761
Moog, Inc., Class A		26,538		3,979,373
Mueller Industries, Inc.		92,379		4,746,433
MYR Group, Inc.^(b)(c)		28,927		4,699,480
National Presto Industries, Inc.		4,888		377,989
NV5 Global, Inc.^(b)(c)		8,765		891,488
OPENLANE, Inc.^(b)		127,864		1,952,483
PGT Innovations, Inc.^(b)		50,138		2,094,264
Pitney Bowes, Inc.^(c)		873,197		3,518,984
Powell Industries, Inc.		8,782		1,626,778
Proto Labs, Inc.^(b)(c)		14,204		517,452
Quanex Building Products Corp.		37,965		1,312,830
Resideo Technologies, Inc.^(b)		392,521		8,764,994
Resources Connection, Inc.^(c)		55,949		773,775
RXO, Inc.^(b)(c)		214,416		4,614,232
SkyWest, Inc.^(b)		64,979		4,172,951
SPX Technologies, Inc.^(b)(c)		21,140		2,477,397
Standex International Corp.^(c)		5,760		996,480
Sun Country Airlines Holdings, Inc.^(b)(c)		65,063		975,945
SunPower Corp.^(b)(c)		420,646		1,308,209
Tennant Co.		15,176		1,717,771
Titan International, Inc.^(b)(c)		154,187		1,967,426
Trinity Industries, Inc.^(c)		115,918		2,941,999
Triumph Group, Inc.^(b)(c)		134,542		1,870,134
TrueBlue, Inc.^(b)		149,987		1,762,347
TTEC Holdings, Inc.^(c)		136,619		2,384,002
UniFirst Corp.		13,950		2,353,644
Verra Mobility Corp., Class A^(b)(c)		39,892		862,465
Vestis Corp.		163,437		3,066,078

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Industrials-(continued)
Viad Corp.^(b)		38,133	$	1,419,692
Vicor Corp.^(b)(c)		11,751		437,607
Wabash National Corp.^(c)		116,618		3,181,339

				267,628,793

Information Technology-8.54%
A10 Networks, Inc.		21,928		291,862
ACI Worldwide, Inc.^(b)(c)		55,360		1,821,898
Adeia, Inc.		44,210		501,341
ADTRAN Holdings, Inc.^(c)		226,343		1,287,892
Advanced Energy Industries, Inc.^(c)		19,948		2,018,738
Agilysys, Inc.^(b)		2,793		217,295
Alarm.com Holdings, Inc.^(b)(c)		16,342		1,236,926
Alpha & Omega Semiconductor Ltd.^(b)(c)		31,499		689,828
Arlo Technologies, Inc.^(b)(c)		54,534		567,699
Axcelis Technologies, Inc.^(b)(c)		9,544		1,075,322
Badger Meter, Inc.		4,794		760,760
Benchmark Electronics, Inc.		125,461		3,852,907
Cerence, Inc.^(b)(c)		18,528		276,067
CEVA, Inc.^(b)(c)		5,594		126,648
Cohu, Inc.^(b)		22,634		727,230
Consensus Cloud Solutions, Inc.^(b)(c)		15,433		245,693
Corsair Gaming, Inc.^(b)(c)		113,240		1,466,458
CTS Corp.^(c)		15,009		668,801
Digi International, Inc.^(b)(c)		19,770		584,401
Digital Turbine, Inc.^(b)(c)		103,686		328,685
Diodes, Inc.^(b)		28,097		1,910,034
DoubleVerify Holdings, Inc.^(b)(c)		17,247		532,760
DXC Technology Co.^(b)		648,274		14,171,270
Envestnet, Inc.^(b)(c)		30,930		1,593,823
ePlus, Inc.^(b)		36,291		2,990,015
Extreme Networks, Inc.^(b)		86,761		1,096,659
Fabrinet (Thailand)^(b)(c)		17,877		3,853,745
FormFactor, Inc.^(b)(c)		19,068		820,496
Harmonic, Inc.^(b)(c)		62,125		815,701
Ichor Holdings Ltd.^(b)(c)		35,963		1,539,216
Insight Enterprises, Inc.^(b)(c)		60,212		11,319,856
InterDigital, Inc.^(c)		5,666		606,375
Itron, Inc.^(b)(c)		32,810		3,040,831
Knowles Corp.^(b)(c)		46,373		757,735
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		15,445		735,491
LiveRamp Holdings, Inc.^(b)		19,549		683,824
MaxLinear, Inc.^(b)		47,773		928,707
Methode Electronics, Inc.		58,107		1,237,679
N-able, Inc.^(b)(c)		36,219		487,870
NetScout Systems, Inc.^(b)(c)		44,551		964,529
OSI Systems, Inc.^(b)		11,371		1,491,648
PC Connection, Inc.		48,965		3,250,297
PDF Solutions, Inc.^(b)(c)		5,845		198,672
Perficient, Inc.^(b)(c)		15,380		997,701
Photronics, Inc.^(b)		45,192		1,301,078
Plexus Corp.^(b)		45,321		4,278,302
Progress Software Corp.		13,613		726,390
Rogers Corp.^(b)		7,697		862,603
Sanmina Corp.^(b)		196,853		12,441,110
ScanSource, Inc.^(b)		112,242		4,852,222
Semtech Corp.^(b)(c)		45,390		962,268
SiTime Corp.^(b)(c)		1,537		142,172
SMART Global Holdings, Inc.^(b)		101,972		2,168,944


	Shares		Value
Information Technology-(continued)
SolarEdge Technologies, Inc.^(b)(c)		49,638	$	3,334,184
SPS Commerce, Inc.^(b)		3,028		560,664
TTM Technologies, Inc.^(b)		170,683		2,534,643
Ultra Clean Holdings, Inc.^(b)(c)		72,563		3,134,722
Veeco Instruments, Inc.^(b)(c)		24,539		888,557
Viasat, Inc.^(b)(c)		151,834		2,971,391
Viavi Solutions, Inc.^(b)(c)		132,009		1,260,686
Xerox Holdings Corp.^(c)		518,621		9,672,282
Xperi, Inc.^(b)(c)		56,505		619,295

				127,482,898

Materials-6.25%
AdvanSix, Inc.		61,836		1,730,171
Alpha Metallurgical Resources, Inc.^(c)		12,322		4,648,474
ATI, Inc.^(b)(c)		113,386		5,576,323
Balchem Corp.		7,508		1,180,182
Carpenter Technology Corp.		44,944		2,905,630
Century Aluminum Co.^(b)(c)		308,956		3,234,769
Clearwater Paper Corp.^(b)		64,400		2,530,276
Compass Minerals International, Inc.		52,825		1,204,410
H.B. Fuller Co.		50,019		3,978,011
Hawkins, Inc.		16,179		1,136,575
Haynes International, Inc.		13,014		773,422
Ingevity Corp.^(b)		45,016		2,056,331
Innospec, Inc.^(c)		19,996		2,484,903
Kaiser Aluminum Corp.		57,875		4,197,095
Koppers Holdings, Inc.		53,585		3,033,983
Materion Corp.		16,139		2,167,790
Mativ Holdings, Inc., Class A		225,661		3,919,732
Mercer International, Inc. (Germany)^(c)		274,076		2,516,018
Metallus, Inc.^(b)(c)		67,572		1,469,691
Minerals Technologies, Inc.		37,571		2,718,638
Myers Industries, Inc.^(c)		49,894		959,462
O-I Glass, Inc.^(b)		510,332		8,634,817
Olympic Steel, Inc.		43,333		2,947,511
Quaker Chemical Corp.^(c)		11,356		2,276,878
Sealed Air Corp.		179,506		6,259,374
Sensient Technologies Corp.		25,597		1,711,927
Stepan Co.		30,471		2,718,013
SunCoke Energy, Inc.		245,267		2,626,810
Sylvamo Corp.		78,614		4,749,072
Warrior Met Coal, Inc.		31,492		1,794,099
Worthington Steel, Inc.^(b)		166,406		5,268,414

				93,408,801

Real Estate-3.54%
Acadia Realty Trust^(c)		22,784		373,430
Alexander & Baldwin, Inc.		14,117		229,542
American Assets Trust, Inc.		21,803		470,291
Anywhere Real Estate, Inc.^(b)(c)		984,869		6,175,129
Apple Hospitality REIT, Inc.		84,923		1,366,411
Armada Hoffler Properties, Inc.		56,625		576,442
Brandywine Realty Trust^(c)		111,233		478,302
CareTrust REIT, Inc.^(c)		10,021		226,074
Centerspace^(c)		6,657		370,063
Chatham Lodging Trust^(c)		32,798		334,540
Community Healthcare Trust, Inc.		4,174		113,282
Cushman & Wakefield PLC^(b)(c)		1,181,765		11,805,832
DiamondRock Hospitality Co.^(c)		133,779		1,257,523
Douglas Emmett, Inc.^(c)		76,555		1,012,057
Easterly Government Properties, Inc.		24,567		289,891

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Real Estate-(continued)
Elme Communities^(c)		17,754	$	228,671
Essential Properties Realty Trust, Inc.		14,966		357,538
eXp World Holdings, Inc.^(c)		316,559		4,146,923
Four Corners Property Trust, Inc.^(c)		10,817		261,555
Getty Realty Corp.		6,756		178,088
Global Net Lease, Inc.^(c)		47,700		343,917
Highwoods Properties, Inc.		42,647		1,042,719
Hudson Pacific Properties, Inc.^(c)		141,213		895,290
Innovative Industrial Properties, Inc.^(c)		3,694		361,975
JBG SMITH Properties, (Acquired 03/17/2023 - 02/12/2024; Cost $610,801)^(d)		42,378		702,627
Kennedy-Wilson Holdings, Inc.^(c)		50,951		447,350
LTC Properties, Inc.^(c)		6,371		200,432
LXP Industrial Trust		39,757		344,296
Macerich Co. (The)^(c)		70,299		1,153,607
Marcus & Millichap, Inc.		21,628		793,531
NexPoint Residential Trust, Inc.		9,271		270,806
Outfront Media, Inc.		157,436		2,262,355
Pebblebrook Hotel Trust^(c)		112,998		1,789,888
Phillips Edison & Co., Inc.		18,304		653,819
Retail Opportunity Investments Corp.^(c)		26,035		336,632
Safehold, Inc.^(b)(c)		13,833		278,320
Saul Centers, Inc.^(c)		6,972		252,317
Service Properties Trust		270,365		1,838,482
SITE Centers Corp.		44,796		608,330
SL Green Realty Corp.		22,447		1,088,231
St. Joe Co. (The)		7,288		392,605
Summit Hotel Properties, Inc.		123,429		792,414
Sunstone Hotel Investors, Inc.		107,499		1,202,914
Tanger, Inc.		18,389		529,787
Uniti Group, Inc.^(c)		281,340		1,648,652
Universal Health Realty Income Trust^(c)		2,432		94,313
Urban Edge Properties		24,905		423,634
Veris Residential, Inc.		21,137		308,600
Whitestone REIT		13,630		167,922
Xenia Hotels & Resorts, Inc.^(c)		88,416		1,356,301

				52,833,650

Utilities-0.64%
American States Water Co.		7,885		563,068


	Shares		Value
Utilities-(continued)
Avista Corp.		54,834	$	1,820,489
California Water Service Group		16,139		740,619
Chesapeake Utilities Corp.^(c)		7,225		737,167
Clearway Energy, Inc., Class A		33,931		687,442
Clearway Energy, Inc., Class C		32,173		701,371
Middlesex Water Co.		2,659		135,317
Northwest Natural Holding Co.		34,000		1,249,160
Otter Tail Corp.^(c)		19,505		1,764,422
SJW Group		10,705		589,417
Unitil Corp.		12,430		633,433

				9,621,905

Total Common Stocks & Other Equity Interests (Cost $1,327,693,522)				1,492,273,054


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(g)(h) (Cost $1,240,720)		1,240,720		1,240,720

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $1,328,934,242)				1,493,513,774


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.84%
Invesco Private Government Fund, 5.29%^(g)(h)(i)		111,788,848		111,788,848
Invesco Private Prime Fund, 5.49%^(g)(h)(i)		288,867,805		289,012,239

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $400,837,824)				400,801,087

TOTAL INVESTMENTS IN SECURITIES-126.84% (Cost $1,729,772,066)				1,894,314,861
OTHER ASSETS LESS LIABILITIES-(26.84)%				(400,850,290	)

NET ASSETS-100.00%			$	1,493,464,571

Investment Abbreviations:

REIT-Real Estate Investment Trust

Rts. -Rights

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)	Restricted security. The aggregate value of these securities at February 29, 2024 was $3,047,824, which represented less than 1% of the Fund’s Net Assets.

^(e)

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(g)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income

Invesco Mortgage Capital, Inc.		$	-		$	102,504		$	(85,584	)		$	-			$	(16,920	)		$	-		$	3,670

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			171,572			18,813,208			(17,744,060	)			-				-				1,240,720			18,093

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			93,020,521			258,166,050			(239,397,723	)			-				-				111,788,848			2,623,640	*

Invesco Private Prime Fund			242,598,879			574,111,085			(527,812,710	)			(36,822	)			151,807				289,012,239			6,996,975	*



Total		$	335,790,972		$	851,192,847		$	(785,040,077	)		$	(36,822	)		$	134,887			$	402,041,807		$	9,642,378

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

^(h)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

⁽ⁱ⁾	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition


Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Consumer Discretionary			24.77

Industrials			17.92

Financials			10.90

Energy			9.38

Information Technology			8.54

Consumer Staples			8.10

Health Care			6.60

Materials			6.25

Real Estate			3.54

Communication Services			3.28

Utilities			0.64

Money Market Funds Plus Other Assets Less Liabilities			0.08

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.70%
Consumer Discretionary-17.65%
Best Buy Co., Inc.^(b)		496,896	$	40,188,949
Ford Motor Co.		3,303,475		41,095,229
Hasbro, Inc.		124,708		6,271,565
Nordstrom, Inc.^(b)		858,480		18,002,326
Travel + Leisure Co.		104,897		4,687,847
Whirlpool Corp.		194,583		20,896,268

				131,142,184

Consumer Staples-8.75%
Kraft Heinz Co. (The)		821,107		28,968,655
Philip Morris International, Inc.		400,936		36,068,202

				65,036,857

Energy-0.15%
DT Midstream, Inc.		18,928		1,090,821


Financials-29.53%
Ally Financial, Inc.		486,280		17,987,497
Associated Banc-Corp.		106,022		2,209,499
Citigroup, Inc.		684,139		37,962,873
Citizens Financial Group, Inc.		405,584		12,731,282
Fifth Third Bancorp		400,591		13,756,295
First Horizon Corp.		352,335		4,967,924
Franklin Resources, Inc.		326,682		8,967,421
Huntington Bancshares, Inc.		916,527		11,951,512
Invesco Ltd.^(c)		412,604		6,358,228
Janus Henderson Group PLC		79,734		2,484,511
PNC Financial Services Group, Inc. (The)		236,009		34,740,525
Regions Financial Corp.		526,943		9,816,948
Synovus Financial Corp.		97,694		3,706,510
T. Rowe Price Group, Inc.		64,329		7,291,692
U.S. Bancorp		857,752		35,991,274
United Bankshares, Inc.		43,123		1,495,937
Valley National Bancorp		328,197		2,687,933
Zions Bancorporation N.A.		111,537		4,397,904

				219,505,765

Health Care-7.03%
Pfizer, Inc.		1,286,171		34,160,702
Viatris, Inc.		1,464,362		18,114,158

				52,274,860

Materials-15.98%
Amcor PLC		1,724,896		15,627,558
Dow, Inc.		686,332		38,352,232
International Paper Co.		598,329		21,156,914
LyondellBasell Industries N.V., Class A		390,037		39,112,910
Scotts Miracle-Gro Co. (The)^(b)		68,570		4,505,049

				118,754,663

Real Estate-4.11%
Agree Realty Corp.		9,575		526,146


	Shares		Value
Real Estate-(continued)
Apartment Income REIT Corp.		27,625	$	837,590
Brixmor Property Group, Inc.^(b)		61,756		1,396,303
COPT Defense Properties^(b)		31,078		753,020
Cousins Properties, Inc.		38,728		883,386
Crown Castle, Inc.		74,561		8,197,236
CubeSmart		25,873		1,128,322
Extra Space Storage, Inc.^(b)		17,154		2,418,199
Federal Realty Investment Trust		12,295		1,239,951
Kimco Realty Corp.		97,835		1,933,220
Lamar Advertising Co., Class A^(b)		22,068		2,439,617
NNN REIT, Inc.^(b)		21,884		890,460
Realty Income Corp.		78,800		4,106,268
VICI Properties, Inc.		126,282		3,779,620

				30,529,338

Utilities-16.50%
ALLETE, Inc.		36,479		2,066,171
Black Hills Corp.		56,147		2,921,328
Dominion Energy, Inc.		424,265		20,292,595
Duke Energy Corp.		343,786		31,569,868
Edison International		284,304		19,338,358
Entergy Corp.		145,384		14,766,653
Evergy, Inc.		126,309		6,257,348
NorthWestern Energy Group, Inc.		34,934		1,674,037
OGE Energy Corp.		96,907		3,189,209
Pinnacle West Capital Corp.		76,936		5,257,037
Spire, Inc.		49,768		2,952,238
UGI Corp.^(b)		505,698		12,379,487

				122,664,329

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.70% (Cost $704,826,160)				740,998,817


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.98%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		8,113,053		8,113,053
Invesco Private Prime Fund, 5.49%^(c)(d)(e)		21,449,491		21,460,216

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,574,614)				29,573,269

TOTAL INVESTMENTS IN SECURITIES-103.68% (Cost $734,400,774)				770,572,086
OTHER ASSETS LESS LIABILITIES-(3.68)%				(27,352,107	)

NET ASSETS-100.00%			$	743,219,979

Investment Abbreviations:

REIT-Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22

Invesco S&P Ultra Dividend Revenue ETF (RDIV)–(continued)

February 29, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 29, 2024.

^(c)


										Change in
										Unrealized
		Value		Purchases		Proceeds				Appreciation			Realized			Value		Dividend
	August 31, 2023			at Cost		from Sales			(Depreciation)				Gain		February 29, 2024			Income

Invesco Ltd.		$	6,066,969	$	2,317,680	$	(2,244,822	)		$	118,602		$	99,799		$	6,358,228	$	187,295

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-		13,939,149		(13,939,149	)			-			-			-		9,589

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,872,441		112,736,081		(115,495,469	)			-			-			8,113,053		393,231	*

Invesco Private Prime Fund			27,957,710		217,837,103		(224,351,087	)			(1,224	)		17,714			21,460,216		1,033,994	*



Total		$	44,897,120	$	346,830,013	$	(356,030,527	)		$	117,378		$	117,513		$	35,931,497	$	1,624,109

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(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. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Financials			29.53

Consumer Discretionary			17.65

Utilities			16.50

Materials			15.98

Consumer Staples			8.75

Health Care			7.03

Real Estate			4.11

Energy			0.15

Money Market Funds Plus Other Assets Less Liabilities			0.30

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		23

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


				Invesco S&P
				MidCap 400			Invesco S&P				Invesco S&P
	Invesco S&P 500			Revenue			SmallCap 600				Ultra Dividend
	Revenue ETF (RWL)			ETF (RWK)			Revenue ETF (RWJ)				Revenue ETF (RDIV)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,798,126,374		$	690,016,494		$	1,492,273,054			$	734,640,589
Affiliated investments in securities, at value			95,496,594			88,604,286			402,041,807				35,931,497
Cash			-			-			850				-
Receivable for:
Dividends and interest			6,082,663			647,506			1,437,121				3,634,856
Securities lending			4,970			10,959			81,547				4,505
Investments sold			-			141,482			-				1,295,789
Fund shares sold			-			2,139,586			-				-
Foreign tax reclaims			11,612			-			-				-

Total assets			2,899,722,213			781,560,313			1,895,834,379				775,507,236


Liabilities:
Due to custodian			1,525,284			509			-				1,186,726
Payable for:
Investments purchased			-			2,438,476			577,967				-
Investments purchased - affiliated broker			-			-			500,552				-
Collateral upon return of securities loaned			94,582,854			88,431,725			400,837,824				29,574,614
Fund shares repurchased			-			-			-				1,298,719
Accrued unitary management fees			820,488			207,446			453,465				227,198

Total liabilities			96,928,626			91,078,156			402,369,808				32,287,257

Net Assets		$	2,802,793,587		$	690,482,157		$	1,493,464,571			$	743,219,979


Net assets consist of:
Shares of beneficial interest		$	2,391,280,117		$	641,603,521		$	1,540,441,247			$	1,293,194,084
Distributable earnings (loss)			411,513,470			48,878,636			(46,976,676	)			(549,974,105	)

Net Assets		$	2,802,793,587		$	690,482,157		$	1,493,464,571			$	743,219,979

Shares outstanding (unlimited amount authorized, $0.01 par value)			31,226,400			6,411,400			35,934,200				17,020,000
Net asset value		$	89.76		$	107.70		$	41.56			$	43.67

Market price		$	89.76		$	107.63		$	41.54			$	43.63

Unaffiliated investments in securities, at cost		$	2,270,166,982		$	590,413,660		$	1,327,693,522			$	698,811,759

Affiliated investments in securities, at cost		$	95,599,749		$	88,611,815		$	402,078,544			$	35,589,015

^(a)Includes securities on loan with an aggregate value of:		$	93,565,290		$	86,812,441		$	393,466,122			$	28,895,940

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


					Invesco S&P
					MidCap 400				Invesco S&P				Invesco S&P
	Invesco S&P 500				Revenue				SmallCap 600				Ultra Dividend
	Revenue ETF (RWL)				ETF (RWK)				Revenue ETF (RWJ)				Revenue ETF (RDIV)
Investment income:
Unaffiliated dividend income		$	24,840,726			$	4,683,978			$	12,145,676			$	15,860,531
Affiliated dividend income			42,673				5,383				21,763				196,884
Securities lending income, net			46,298				80,909				431,464				48,557
Foreign withholding tax			(11,375	)			-				(3,513	)			-

Total investment income			24,918,322				4,770,270				12,595,390				16,105,972


Expenses:
Unitary management fees			4,412,939				1,131,906				2,661,355				1,377,248

Less: Waivers			(438	)			(97	)			(354	)			(223	)

Net expenses			4,412,501				1,131,809				2,661,001				1,377,025

Net investment income			20,505,821				3,638,461				9,934,389				14,728,947


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(17,859,258	)			(9,817,982	)			6,979,277				(42,372,757	)
Affiliated investment securities			30,392				38,763				134,832				62,457
Unaffiliated in-kind redemptions			41,429,425				24,953,216				14,268,972				2,559,350
Affiliated in-kind redemptions			1,175				-				55				55,056

Net realized gain (loss)			23,601,734				15,173,997				21,383,136				(39,695,894	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			244,679,709				46,404,027				80,536,746				107,931,762
Affiliated investment securities			(29,560	)			(5,883	)			(36,822	)			117,378

Change in net unrealized appreciation			244,650,149				46,398,144				80,499,924				108,049,140

Net realized and unrealized gain			268,251,883				61,572,141				101,883,060				68,353,246

Net increase in net assets resulting from operations		$	288,757,704			$	65,210,602			$	111,817,449			$	83,082,193

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		25

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco S&P 500 Revenue ETF (RWL)								Invesco S&P MidCap 400 Revenue ETF (RWK)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	20,505,821			$	30,039,910			$	3,638,461			$	4,863,319
Net realized gain (loss)			23,601,734				(439,890	)			15,173,997				3,613,026
Change in net unrealized appreciation (depreciation)			244,650,149				150,838,972				46,398,144				58,101,476

Net increase (decrease) in net assets resulting from operations			288,757,704				180,438,992				65,210,602				66,577,821


Distributions to Shareholders from:
Distributable earnings			(18,973,797	)			(27,786,570	)			(3,056,346	)			(4,917,719	)


Shareholder Transactions:
Proceeds from shares sold			586,569,470				539,755,341				167,777,531				164,996,491
Value of shares repurchased			(90,508,950	)			(110,311,229	)			(61,672,988	)			(64,867,240	)

Net increase (decrease) in net assets resulting from share transactions			496,060,520				429,444,112				106,104,543				100,129,251

Net increase (decrease) in net assets			765,844,427				582,096,534				168,258,799				161,789,353


Net assets:
Beginning of period			2,036,949,160				1,454,852,626				522,223,358				360,434,005

End of period		$	2,802,793,587			$	2,036,949,160			$	690,482,157			$	522,223,358


Changes in Shares Outstanding:
Shares sold			7,075,000				7,025,000				1,700,000				1,790,000
Shares repurchased			(1,125,000	)			(1,450,000	)			(600,000	)			(770,000	)
Shares outstanding, beginning of period			25,276,400				19,701,400				5,311,400				4,291,400

Shares outstanding, end of period			31,226,400				25,276,400				6,411,400				5,311,400

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26


Invesco S&P SmallCap 600 Revenue ETF (RWJ)								Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	9,934,389			$	15,282,086			$	14,728,947			$	34,430,738
		21,383,136				(69,010,180	)			(39,695,894	)			18,973,839
		80,499,924				125,599,113				108,049,140				(73,455,639	)

		111,817,449				71,871,019				83,082,193				(20,051,062	)



		(10,328,402	)			(14,018,588	)			(16,058,783	)			(34,290,905	)



		73,110,528				543,347,453				23,697,124				736,508,673
		(50,992,655	)			(63,687,019	)			(90,641,203	)			(741,643,571	)

		22,117,873				479,660,434				(66,944,079	)			(5,134,898	)

		123,606,920				537,512,865				79,331				(59,476,865	)



		1,369,857,651				832,344,786				743,140,648				802,617,513

	$	1,493,464,571			$	1,369,857,651			$	743,219,979			$	743,140,648



		1,930,000				14,300,000	^(a)			630,000				16,740,000
		(1,300,000	)			(1,770,000	)^(a)			(2,330,000	)			(17,220,000	)
		35,304,200				22,774,200	^(a)			18,720,000				19,200,000

		35,934,200				35,304,200	^(a)			17,020,000				18,720,000


		27

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)


	Six Months Ended February 29, 2024				Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	(Unaudited)				2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	80.59			$	73.85			$	75.74			$	56.06			$	52.61			$	53.43			$	50.69

Net investment income^(a)			0.74				1.34				1.22				1.06				1.08				0.20				1.03
Net realized and unrealized gain (loss) on investments			9.14				6.66				(1.96	)			19.68				3.53				(1.02	)			2.72

Total from investment operations			9.88				8.00				(0.74	)			20.74				4.61				(0.82	)			3.75

Distributions to shareholders from:
Net investment income			(0.71	)			(1.26	)			(1.15	)			(1.06	)			(1.16	)			-				(1.01	)

Net asset value at end of period		$	89.76			$	80.59			$	73.85			$	75.74			$	56.06			$	52.61			$	53.43

Market price at end of period^(b)		$	89.76			$	80.60			$	73.92			$	75.74			$	56.16			$	52.62			$	53.41

Net Asset Value Total Return^(c)			12.33	%			10.99	%			(0.97	)%			37.38	%			9.09	%			(1.54	)%			7.51	%
Market Price Total Return^(c)			12.31	%			10.91	%			(0.89	)%			37.13	%			9.26	%			(1.47	)%			7.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,802,794			$	2,036,949			$	1,454,853			$	1,049,098			$	782,083			$	918,178			$	956,549
Ratio to average net assets of:
Expenses			0.39	%^(d)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(e)			0.39	%
Net investment income			1.81	%^(d)			1.76	%			1.60	%			1.60	%			2.01	%			2.26	%^(e)			1.99	%
Portfolio turnover rate^(f)			8	%			20	%			17	%			17	%			14	%			0	%^(g)			19	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

^(g)	Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28

Financial Highlights–(continued)

Invesco S&P MidCap 400 Revenue ETF (RWK)


	Six Months Ended February 29, 2024				Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	(Unaudited)				2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	98.32			$	83.99			$	91.13			$	56.56			$	56.44			$	61.01			$	61.05

Net investment income^(a)			0.61				1.05				1.03				0.69				0.74				0.10				0.65
Net realized and unrealized gain (loss) on investments			9.30				14.34				(7.18	)			34.51				0.21				(4.67	)			(0.06	)

Total from investment operations			9.91				15.39				(6.15	)			35.20				0.95				(4.57	)			0.59

Distributions to shareholders from:
Net investment income			(0.53	)			(1.06	)			(0.99	)			(0.63	)			(0.83	)			-				(0.63	)

Net asset value at end of period		$	107.70			$	98.32			$	83.99			$	91.13			$	56.56			$	56.44			$	61.01

Market price at end of period^(b)		$	107.63			$	98.36			$	84.06			$	91.10			$	56.62			$	56.42			$	60.91

Net Asset Value Total Return^(c)			10.11	%			18.51	%			(6.75	)%			62.54	%			1.89	%			(7.49	)%			1.05	%
Market Price Total Return^(c)			10.00	%			18.46	%			(6.66	)%			62.32	%			2.03	%			(7.37	)%			0.90	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	690,482			$	522,223			$	360,434			$	393,817			$	209,365			$	327,418			$	356,996
Ratio to average net assets of:
Expenses			0.39	%^(d)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(e)			0.39	%
Net investment income			1.25	%^(d)			1.17	%			1.16	%			0.88	%			1.30	%			1.06	%^(e)			1.09	%
Portfolio turnover rate^(f)			18	%			37	%			31	%			34	%			33	%			0	%^(g)			33	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

^(g)	Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		29

Financial Highlights–(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)


	Six Months Ended February 29, 2024				Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period.		$	38.80			$	36.55			$	39.47			$	21.05			$	19.57			$	21.10			$	24.40

Net investment income^(b)			0.28				0.52				0.33				0.22				0.30				0.04				0.26
Net realized and unrealized gain (loss) on investments			2.77				2.21				(2.95	)			18.39				1.52				(1.57	)			(3.29	)

Total from investment operations			3.05				2.73				(2.62	)			18.61				1.82				(1.53	)			(3.03	)

Distributions to shareholders from:
Net investment income			(0.29	)			(0.48	)			(0.30	)			(0.19	)			(0.34	)			-				(0.27	)

Net asset value at end of period		$	41.56			$	38.80			$	36.55			$	39.47			$	21.05			$	19.57			$	21.10

Market price at end of period^(c)		$	41.54			$	38.81			$	36.57			$	39.42			$	21.06			$	19.56			$	21.08

Net Asset Value Total Return^(d)			7.90	%			7.58	%			(6.63	)%			88.75	%			9.63	%			(7.25	)%			(12.45	)%
Market Price Total Return^(d)			7.80	%			7.53	%			(6.46	)%			88.42	%			9.70	%			(7.18	)%			(12.57	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,493,465			$	1,369,858			$	832,345			$	643,110			$	227,425			$	349,395			$	405,199
Ratio to average net assets of:
Expenses			0.39	%^(e)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(f)			0.39	%
Net investment income			1.46	%^(e)			1.39	%			0.85	%			0.65	%			1.50	%			1.10	%^(f)			1.15	%
Portfolio turnover rate^(g)			27	%			46	%			41	%			40	%			49	%			1	%			39	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 17, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(g)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		30

Financial Highlights–(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)


	Six Months Ended February 29, 2024				Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	(Unaudited)				2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	39.70			$	41.80			$	41.18			$	28.58			$	35.65			$	37.65			$	38.19

Net investment income^(a)			0.83				1.64				1.50				1.23				1.62				0.21				1.46
Net realized and unrealized gain (loss) on investments			4.03				(2.12	)			0.51				13.29				(7.33	)			(2.21	)			(0.66	)

Total from investment operations			4.86				(0.48	)			2.01				14.52				(5.71	)			(2.00	)			0.80

Distributions to shareholders from:
Net investment income			(0.89	)			(1.62	)			(1.39	)			(1.92	)			(1.36	)			-				(1.34	)

Net asset value at end of period		$	43.67			$	39.70			$	41.80			$	41.18			$	28.58			$	35.65			$	37.65

Market price at end of period^(b)		$	43.63			$	39.71			$	41.83			$	41.16			$	28.63			$	35.67			$	37.67

Net Asset Value Total Return^(c)			12.43	%			(1.17	)%			5.06	%			52.38	%			(16.26	)%			(5.31	)%			2.26	%
Market Price Total Return^(c)			12.30	%			(1.22	)%			5.18	%			52.06	%			(16.17	)%			(5.31	)%			2.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	743,220			$	743,141			$	802,618			$	740,071			$	604,502			$	1,572,300			$	1,782,599
Ratio to average net assets of:
Expenses			0.39	%^(d)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%^(e)			0.39	%
Net investment income			4.17	%^(d)			3.94	%			3.58	%			3.37	%			4.77	%			3.36	%^(e)			3.93	%
Portfolio turnover rate^(f)			61	%			127	%			110	%			97	%			98	%			12	%			122	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		31

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco S&P 500 Revenue ETF (RWL)		“S&P 500 Revenue ETF”

Invesco S&P MidCap 400 Revenue ETF (RWK)		“S&P MidCap 400 Revenue ETF”

Invesco S&P SmallCap 600 Revenue ETF (RWJ)		“S&P SmallCap 600 Revenue ETF”

Invesco S&P Ultra Dividend Revenue ETF (RDIV)		“S&P Ultra Dividend Revenue ETF”

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

S&P 500 Revenue ETF		S&P 500^® Revenue-Weighted Index

S&P MidCap 400 Revenue ETF		S&P MidCap 400^® Revenue-Weighted Index

S&P SmallCap 600 Revenue ETF		S&P SmallCap 600^® Revenue-Weighted Index

S&P Ultra Dividend Revenue ETF		S&P 900^® Dividend Revenue-Weighted Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		32

assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


		33

the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.


		34

of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


	Amount

Invesco S&P 500 Revenue ETF		$1,944

Invesco S&P MidCap 400 Revenue ETF		5,277

Invesco S&P SmallCap 600 Revenue ETF		29,676

Invesco S&P Ultra Dividend Revenue ETF		2,808

J.	Other Risks


		35

unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Non-Diversified Fund Risk. Because S&P Ultra Dividend Revenue ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. S&P Ultra Dividend Revenue ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.


		36

NOTE 3–Investment Advisory Agreement and Other Agreements


	Unitary Management Fees (as a % of average daily net assets)

S&P 500 Revenue ETF		0.39	%

S&P MidCap 400 Revenue ETF		0.39	%

S&P SmallCap 600 Revenue ETF		0.39	%

S&P Ultra Dividend Revenue ETF		0.39	%

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



S&P 500 Revenue ETF	$	438

S&P MidCap 400 Revenue ETF		97

S&P SmallCap 600 Revenue ETF		354

S&P Ultra Dividend Revenue ETF		223

The Adviser has entered into a licensing agreement on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).



S&P 500 Revenue ETF	$	32,014

S&P MidCap 400 Revenue ETF		30,655

S&P SmallCap 600 Revenue ETF		161,119

S&P Ultra Dividend Revenue ETF		160,678


		37

NOTE 4–Security Transactions with Affiliated Funds

For the six months ended February 29, 2024, the Funds engaged in transactions with affiliates as listed below:


	Securities Purchases	Securities Sales		Net Realized Gains (Losses)*

S&P 500 Revenue ETF	$-		$ 244,600		$ (144,099)

S&P MidCap 400 Revenue ETF	-		3,993,409		(1,613,200)

S&P SmallCap 600 Revenue ETF	-		413,114		100,490

S&P Ultra Dividend Revenue ETF	-		372,892		(185,913)

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information


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 the Adviser’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.


	Level 1			Level 2			Level 3			Total

S&P 500 Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,799,044,687		$	-		$	-		$	2,799,044,687

Money Market Funds			-			94,578,281			-			94,578,281


Total Investments		$	2,799,044,687		$	94,578,281		$	-		$	2,893,622,968


S&P MidCap 400 Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	690,016,494		$	-		$	-		$	690,016,494

Money Market Funds			180,090			88,424,196			-			88,604,286


Total Investments		$	690,196,584		$	88,424,196		$	-		$	778,620,780


S&P SmallCap 600 Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,492,273,054		$	-		$	0		$	1,492,273,054

Money Market Funds			1,240,720			400,801,087			-			402,041,807


Total Investments		$	1,493,513,774		$	400,801,087		$	0		$	1,894,314,861


		38


	Level 1			Level 2			Level 3			Total

S&P Ultra Dividend Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	740,998,817		$	-		$	-		$	740,998,817

Money Market Funds			-			29,573,269			-			29,573,269


Total Investments		$	740,998,817		$	29,573,269		$	-		$	770,572,086

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

S&P 500 Revenue ETF	$	36,352,238	$	107,612,192	$	143,964,430

S&P MidCap 400 Revenue ETF		27,301,208		38,192,835		65,494,043

S&P SmallCap 600 Revenue ETF		68,109,939		155,453,569		223,563,508

S&P Ultra Dividend Revenue ETF		419,425,584		131,174,266		550,599,850

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions


	Purchases		Sales

S&P 500 Revenue ETF	$	190,493,659	$	189,067,344

S&P MidCap 400 Revenue ETF		104,101,184		104,383,392

S&P SmallCap 600 Revenue ETF		373,155,519		373,241,437

S&P Ultra Dividend Revenue ETF		435,065,975		438,099,437

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

S&P 500 Revenue ETF	$	583,360,885	$	88,355,375

S&P MidCap 400 Revenue ETF		167,546,314		60,604,790

S&P SmallCap 600 Revenue ETF		72,884,721		50,851,744

S&P Ultra Dividend Revenue ETF		23,688,985		90,529,209

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of February 29, 2024, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation		Cost

S&P 500 Revenue ETF	$	582,245,202	$	(58,573,927	)	$	523,671,275	$	2,369,951,693

S&P MidCap 400 Revenue ETF		124,485,839		(26,565,423	)		97,920,416		680,700,364

S&P SmallCap 600 Revenue ETF		283,774,543		(130,719,923	)		153,054,620		1,741,260,241

S&P Ultra Dividend Revenue ETF		53,796,445		(18,080,203	)		35,716,242		734,855,844


		39

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		40

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P 500 Revenue ETF (RWL)

Actual		$	1,000.00		$	1,123.30		0.39	%		$	2.06

Hypothetical (5% return before expenses)			1,000.00			1,022.92		0.39				1.96

Invesco S&P MidCap 400 Revenue ETF (RWK)

Actual			1,000.00			1,101.10		0.39				2.04

Hypothetical (5% return before expenses)			1,000.00			1,022.92		0.39				1.96

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

Actual			1,000.00			1,079.00		0.39				2.02

Hypothetical (5% return before expenses)			1,000.00			1,022.92		0.39				1.96

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

Actual			1,000.00			1,124.30		0.39				2.06

Hypothetical (5% return before expenses)			1,000.00			1,022.92		0.39				1.96

⁽¹⁾


		41

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

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invesco.com/ETFs

LOGO

Invesco Semi-Annual Report to Shareholders

February 29, 2024


		QQMG		Invesco ESG NASDAQ 100 ETF

		QQJG		Invesco ESG NASDAQ Next Gen 100 ETF

		QQQM		Invesco NASDAQ 100 ETF

		QQQS		Invesco NASDAQ Future Gen 200 ETF

		QQQJ		Invesco NASDAQ Next Gen 100 ETF

Table of Contents


Schedules of Investments

Invesco ESG NASDAQ 100 ETF (QQMG)			3

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			6

Invesco NASDAQ 100 ETF (QQQM)			9

Invesco NASDAQ Future Gen 200 ETF (QQQS)			12

Invesco NASDAQ Next Gen 100 ETF (QQQJ)			16

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			22

Financial Highlights			24

Notes to Financial Statements			29

Fund Expenses			39


		2

Invesco ESG NASDAQ 100 ETF (QQMG)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-12.59%
Alphabet, Inc., Class A^(b)		6,695	$	926,990
Alphabet, Inc., Class C^(b)		6,477		905,355
Charter Communications, Inc., Class A^(b)(c)		293		86,122
Comcast Corp., Class A		8,543		366,068
Electronic Arts, Inc.		903		125,950
Meta Platforms, Inc., Class A		1,484		727,353
Netflix, Inc.^(b)		1,299		783,193
Sirius XM Holdings, Inc.^(c)		11,543		51,020
Take-Two Interactive Software, Inc.^(b)		527		77,432
T-Mobile US, Inc.		2,236		365,139
Trade Desk, Inc. (The), Class A^(b)		987		84,319
Warner Bros. Discovery, Inc.^(b)		6,101		53,628

				4,552,569

Consumer Discretionary-10.53%
Airbnb, Inc., Class A^(b)		938		147,707
Amazon.com, Inc.^(b)		6,449		1,139,925
Booking Holdings, Inc.^(b)		92		319,132
DoorDash, Inc., Class A^(b)		841		104,763
lululemon athletica, inc.^(b)		354		165,350
Marriott International, Inc., Class A		677		169,162
MercadoLibre, Inc. (Brazil)^(b)		113		180,269
O’Reilly Automotive, Inc.^(b)		210		228,358
PDD Holdings, Inc., ADR (China)^(b)		907		112,958
Ross Stores, Inc.		929		138,384
Starbucks Corp.		2,332		221,307
Tesla, Inc.^(b)		4,362		880,601

				3,807,916

Consumer Staples-4.77%
Coca-Cola Europacific Partners PLC (United Kingdom)^(c)		1,496		102,671
Costco Wholesale Corp.		764		568,332
Dollar Tree, Inc.^(b)		547		80,234
Keurig Dr Pepper, Inc.		2,897		86,649
Kraft Heinz Co. (The)		969		34,186
Mondelez International, Inc., Class A		3,078		224,909
Monster Beverage Corp.^(b)		991		58,568
PepsiCo, Inc.		3,102		512,885
Walgreens Boots Alliance, Inc.		2,584		54,936

				1,723,370

Financials-0.50%
PayPal Holdings, Inc.^(b)		3,018		182,106


Health Care-5.38%
Amgen, Inc.		1,217		333,251
AstraZeneca PLC, ADR (United Kingdom)		1,335		85,654
Biogen, Inc.^(b)		321		69,654
DexCom, Inc.^(b)		818		94,127
GE HealthCare Technologies, Inc.		520		47,466
Gilead Sciences, Inc.		2,670		192,507
IDEXX Laboratories, Inc.^(b)		222		127,701
Illumina, Inc.^(b)		428		59,847
Intuitive Surgical, Inc.^(b)		839		323,518
Moderna, Inc.^(b)		811		74,807


	Shares		Value
Health Care-(continued)
Regeneron Pharmaceuticals, Inc.^(b)		310	$	299,488
Vertex Pharmaceuticals, Inc.^(b)		559		235,194

				1,943,214

Industrials-3.91%
Automatic Data Processing, Inc.		1,353		339,779
Cintas Corp.		292		183,554
Copart, Inc.^(b)		2,898		154,029
CSX Corp.		4,497		170,616
Fastenal Co.		1,103		80,530
Old Dominion Freight Line, Inc.		319		141,151
PACCAR, Inc.		1,026		113,773
Paychex, Inc.		1,058		129,732
Verisk Analytics, Inc.		410		99,179

				1,412,343

Information Technology-61.79%
Adobe, Inc.^(b)		1,540		862,831
Advanced Micro Devices, Inc.^(b)		5,083		978,630
ANSYS, Inc.^(b)		264		88,221
Apple, Inc.		21,729		3,927,517
Applied Materials, Inc.		2,875		579,657
ASML Holding N.V., New York Shares (Netherlands)		336		319,764
Atlassian Corp., Class A^(b)(c)		383		79,442
Autodesk, Inc.^(b)		625		161,356
Broadcom, Inc.		1,016		1,321,298
Cadence Design Systems, Inc.^(b)		958		291,596
CDW Corp.		524		129,014
Cisco Systems, Inc.		13,363		646,368
Cognizant Technology Solutions Corp., Class A		1,601		126,511
CrowdStrike Holdings, Inc., Class A^(b)		475		153,971
Datadog, Inc., Class A^(b)(c)		886		116,474
Fortinet, Inc.^(b)		2,039		140,915
GLOBALFOUNDRIES, Inc.^(b)(c)		1,680		91,846
Intel Corp.		11,136		479,405
Intuit, Inc.		775		513,740
KLA Corp.		389		265,415
Lam Research Corp.		436		409,077
Marvell Technology, Inc.		2,513		180,082
Microchip Technology, Inc.		561		47,203
Micron Technology, Inc.		2,991		271,014
Microsoft Corp.		11,301		4,674,546
MongoDB, Inc.^(b)		195		87,278
NVIDIA Corp.		4,003		3,166,853
NXP Semiconductors N.V. (China)		653		163,074
ON Semiconductor Corp.^(b)		954		75,290
Palo Alto Networks, Inc.^(b)		1,034		321,109
QUALCOMM, Inc.		3,412		538,379
Roper Technologies, Inc.		263		143,264
Splunk, Inc.^(b)		384		59,988
Synopsys, Inc.^(b)		488		279,980
Texas Instruments, Inc.		2,210		369,799
Workday, Inc., Class A^(b)		598		176,207
Zscaler, Inc.^(b)(c)		406		98,239

				22,335,353

Real Estate-0.23%
CoStar Group, Inc.^(b)		936		81,460

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Utilities-0.21%
Exelon Corp.		2,145	$	76,877

Total Common Stocks & Other Equity Interests (Cost $31,097,085)				36,115,208


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $8,744)		8,744		8,744

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $31,105,829)				36,123,952


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.64%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		165,978	$	165,978
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		426,584		426,797

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $592,805)				592,775

TOTAL INVESTMENTS IN SECURITIES-101.58% (Cost $31,698,634)				36,716,727
OTHER ASSETS LESS LIABILITIES-(1.58)%				(570,133	)

NET ASSETS-100.00%			$	36,146,594

Investment Abbreviations:

ADR-American Depositary Receipt

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 February 29, 2024.

^(d)


											Change in
											Unrealized
	Value			Purchases			Proceeds				Appreciation				Realized			Value			Dividend
	August 31, 2023			at Cost			from Sales				(Depreciation)				Gain			February 29, 2024			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	116,591		$	(107,847	)		$	-			$	-		$	8,744		$	165
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			857,889			1,304,176			(1,996,087	)			-				-			165,978			6,311	*
Invesco Private Prime Fund			2,404,298			2,726,610			(4,704,447	)			(20	)			356			426,797			16,951	*

Total		$	3,262,187		$	4,147,377		$	(6,808,381	)		$	(20	)		$	356		$	601,519		$	23,427

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			61.79

Communication Services			12.59

Consumer Discretionary			10.53

Health Care			5.38

Consumer Staples			4.77

Industrials			3.91

Sector Types Each Less Than 3%			0.94

Money Market Funds Plus Other Assets Less Liabilities			0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-6.79%
Fox Corp., Class A		1,212	$	36,106
Fox Corp., Class B		1,154		31,597
Liberty Broadband Corp., Class C^(b)		462		27,803
Liberty Media Corp.-Liberty Formula One^(b)		778		56,607
Match Group, Inc.^(b)		1,051		37,878
NetEase, Inc., ADR (China)		483		52,125
News Corp., Class A		1,983		53,303
News Corp., Class B		997		27,906
Roku, Inc., Class A^(b)(c)		221		13,963

				337,288

Consumer Discretionary-14.52%
eBay, Inc.		2,122		100,328
Etsy, Inc.^(b)		400		28,676
Expedia Group, Inc.^(b)		301		41,183
Five Below, Inc.^(b)		216		43,347
JD.com, Inc., ADR (China)^(c)		1,279		28,931
LKQ Corp.		1,414		73,938
Lucid Group, Inc.^(b)(c)		6,428		21,212
Pool Corp.		200		79,624
Rivian Automotive, Inc., Class A^(b)(c)		2,060		23,319
Tractor Supply Co.^(c)		472		120,039
Trip.com Group Ltd., ADR (China)^(b)		980		43,581
Ulta Beauty, Inc.^(b)		214		117,392

				721,570

Financials-0.99%
Jack Henry & Associates, Inc.		283		49,177


Health Care-20.86%
Align Technology, Inc.^(b)		292		88,307
Alnylam Pharmaceuticals, Inc.^(b)(c)		265		40,039
argenx SE, ADR (Netherlands)^(b)		75		28,501
BeiGene Ltd., ADR (China)^(b)(c)		122		20,209
BioMarin Pharmaceutical, Inc.^(b)(c)		545		47,023
BioNTech SE, ADR (Germany)^(b)(c)		279		24,820
Bio-Techne Corp.		652		47,968
Bruker Corp.		487		42,145
Cooper Cos., Inc. (The)		816		76,378
Henry Schein, Inc.^(b)		617		47,182
Hologic, Inc.^(b)		666		49,151
ICON PLC^(b)		444		142,355
Incyte Corp.^(b)		624		36,417
Insulet Corp.^(b)		215		35,260
Jazz Pharmaceuticals PLC^(b)		157		18,667
Medpace Holdings, Inc.^(b)(c)		133		52,870
Neurocrine Biosciences, Inc.^(b)		271		35,338
Repligen Corp.^(b)(c)		240		46,558
Royalty Pharma PLC, Class A		888		26,942
Sanofi S.A., ADR		950		45,457
Shockwave Medical, Inc.^(b)(c)		96		25,043
United Therapeutics Corp.^(b)		148		33,395
Viatris, Inc.		2,142		26,496

				1,036,521

Industrials-10.30%
C.H. Robinson Worldwide, Inc.		461		34,151
Grab Holdings Ltd., Class A (Singapore)^(b)(c)		11,416		35,047
J.B. Hunt Transport Services, Inc.		474		97,791


	Shares		Value
Industrials-(continued)
Lincoln Electric Holdings, Inc.^(c)		189	$	48,497
Nordson Corp.		157		41,707
Paylocity Holding Corp.^(b)(c)		190		32,036
Ryanair Holdings PLC, ADR (Italy)^(c)		295		40,784
Saia, Inc.^(b)(c)		109		62,719
SS&C Technologies Holdings, Inc.		802		51,135
Tetra Tech, Inc.		209		37,060
United Airlines Holdings, Inc.^(b)		677		30,797

				511,724

Information Technology-45.06%
Akamai Technologies, Inc.^(b)		687		76,202
Amdocs Ltd.		561		51,163
AppLovin Corp., Class A^(b)(c)		1,020		60,914
Bentley Systems, Inc., Class B^(c)		1,243		63,853
Check Point Software Technologies Ltd. (Israel)^(b)		468		75,077
DocuSign, Inc.^(b)(c)		828		44,108
Enphase Energy, Inc.^(b)		458		58,171
Entegris, Inc.		547		73,495
F5, Inc.^(b)		248		46,431
First Solar, Inc.^(b)		421		64,788
Flex Ltd.^(b)		2,649		74,569
Gen Digital, Inc.		2,682		57,636
Lattice Semiconductor Corp.^(b)(c)		536		41,063
Logitech International S.A., Class R (Switzerland)^(c)		781		68,587
Manhattan Associates, Inc.^(b)		251		63,586
Monolithic Power Systems, Inc.		184		132,487
NetApp, Inc.		924		82,347
Nice Ltd., ADR (Israel)^(b)(c)		225		55,159
Nutanix, Inc., Class A^(b)		903		57,034
Okta, Inc.^(b)(c)		638		68,457
Open Text Corp. (Canada)		1,110		42,724
PTC, Inc.^(b)		455		83,270
Qorvo, Inc.^(b)		317		36,312
Seagate Technology Holdings PLC		1,049		97,609
Skyworks Solutions, Inc.		352		36,932
Super Micro Computer, Inc.^(b)		199		172,358
Teradyne, Inc.		641		66,401
Trimble, Inc.^(b)		1,253		76,671
VeriSign, Inc.^(b)		349		68,156
Western Digital Corp.^(b)		1,709		101,634
Zebra Technologies Corp., Class A^(b)(c)		261		72,944
Zoom Video Communications, Inc., Class A^(b)		973		68,820

				2,238,958

Materials-0.55%
Steel Dynamics, Inc.		205		27,433


Real Estate-0.82%
Zillow Group, Inc., Class A^(b)		180		9,731
Zillow Group, Inc., Class C^(b)(c)		558		31,331

				41,062

Total Common Stocks & Other Equity Interests (Cost $4,559,649)				4,963,733

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $3,254)		3,254	$	3,254

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $4,562,903)				4,966,987


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.50%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		299,169		299,169


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		768,919	$	769,303

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,068,527)				1,068,472

TOTAL INVESTMENTS IN SECURITIES-121.46% (Cost $5,631,430)				6,035,459
OTHER ASSETS LESS LIABILITIES-(21.46)%				(1,066,434	)

NET ASSETS-100.00%			$	4,969,025

Investment Abbreviations:

ADR-American Depositary Receipt

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 February 29, 2024.

^(d)


											Change in
											Unrealized
	Value			Purchases			Proceeds				Appreciation				Realized			Value			Dividend
	August 31, 2023			at Cost			from Sales				(Depreciation)				Gain			February 29, 2024			Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	305		$	16,393		$	(13,444	)		$	-			$	-		$	3,254		$	40

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			160,121			2,075,023			(1,935,975	)			-				-			299,169			6,008	*

Invesco Private Prime Fund			411,740			4,092,139			(3,734,801	)			(44	)			269			769,303			15,785	*



Total		$	572,166		$	6,183,555		$	(5,684,220	)		$	(44	)		$	269		$	1,071,726		$	21,833

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition


Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			45.06

Health Care			20.86

Consumer Discretionary			14.52

Industrials			10.30

Communication Services			6.79

Sector Types Each Less Than 3%			2.36

Money Market Funds Plus Other Assets Less Liabilities			0.11

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco NASDAQ 100 ETF (QQQM)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-15.60%
Alphabet, Inc., Class A^(b)		3,790,595	$	524,845,784
Alphabet, Inc., Class C^(b)		3,666,972		512,569,346
Charter Communications, Inc., Class A^(b)(c)		244,722		71,931,137
Comcast Corp., Class A		6,643,402		284,669,776
Electronic Arts, Inc.		444,613		62,014,621
Meta Platforms, Inc., Class A		2,261,820		1,108,585,837
Netflix, Inc.^(b)		723,812		436,400,731
Sirius XM Holdings, Inc.^(c)		6,342,905		28,035,640
Take-Two Interactive Software, Inc.^(b)		281,372		41,341,988
T-Mobile US, Inc.		1,913,232		312,430,786
Trade Desk, Inc. (The), Class A^(b)		737,745		63,025,555
Warner Bros. Discovery, Inc.^(b)		4,029,936		35,423,137

				3,481,274,338

Consumer Discretionary-13.62%
Airbnb, Inc., Class A^(b)		717,963		113,057,634
Amazon.com, Inc.^(b)		6,619,194		1,170,008,732
Booking Holdings, Inc.^(b)		58,188		201,844,280
DoorDash, Inc., Class A^(b)		613,155		76,380,718
lululemon athletica, inc.^(b)		200,947		93,860,334
Marriott International, Inc., Class A		485,959		121,426,575
MercadoLibre, Inc. (Brazil)^(b)(c)		83,917		133,872,790
O’Reilly Automotive, Inc.^(b)		97,880		106,436,670
PDD Holdings, Inc., ADR (China)^(b)(c)		1,105,145		137,634,758
Ross Stores, Inc.		558,944		83,260,298
Starbucks Corp.		1,880,600		178,468,940
Tesla, Inc.^(b)		3,081,966		622,187,296

				3,038,439,025

Consumer Staples-6.56%
Coca-Cola Europacific Partners PLC
(United Kingdom)^(c)		754,465		51,778,933
Costco Wholesale Corp.		732,536		544,926,205
Dollar Tree, Inc.^(b)(c)		359,696		52,760,209
Keurig Dr Pepper, Inc.		2,310,052		69,093,655
Kraft Heinz Co. (The)		2,026,203		71,484,442
Mondelez International, Inc., Class A		2,251,538		164,519,882
Monster Beverage Corp.^(b)		1,718,587		101,568,492
PepsiCo, Inc.		2,274,592		376,081,041
Walgreens Boots Alliance, Inc.		1,427,944		30,358,089

				1,462,570,948

Energy-0.46%
Baker Hughes Co., Class A		1,663,000		49,208,170
Diamondback Energy, Inc.		295,786		53,986,861

				103,195,031

Financials-0.48%
PayPal Holdings, Inc.^(b)		1,780,797		107,453,291

Health Care-6.25%
Amgen, Inc.		884,814		242,288,618
AstraZeneca PLC, ADR (United Kingdom)^(c)		962,166		61,732,571
Biogen, Inc.^(b)		238,747		51,805,712
DexCom, Inc.^(b)		638,827		73,509,823
GE HealthCare Technologies, Inc.		752,252		68,665,563
Gilead Sciences, Inc.		2,059,044		148,457,072


	Shares		Value
Health Care-(continued)
IDEXX Laboratories, Inc.^(b)		137,024	$	78,820,315
Illumina, Inc.^(b)		261,945		36,627,769
Intuitive Surgical, Inc.^(b)		582,500		224,612,000
Moderna, Inc.^(b)(c)		629,892		58,101,238
Regeneron Pharmaceuticals, Inc.^(b)		177,316		171,303,214
Vertex Pharmaceuticals, Inc.^(b)		426,578		179,478,428

				1,395,402,323

Industrials-4.83%
Automatic Data Processing, Inc.		680,479		170,888,691
Cintas Corp.		168,886		106,163,428
Copart, Inc.^(b)		1,587,255		84,362,603
CSX Corp.		3,265,740		123,902,176
Fastenal Co.^(c)		944,929		68,989,266
Honeywell International, Inc.		1,090,727		216,760,177
Old Dominion Freight Line, Inc.		180,927		80,056,579
PACCAR, Inc.		864,193		95,830,362
Paychex, Inc.		596,243		73,111,317
Verisk Analytics, Inc.		239,964		58,047,292

				1,078,111,891

Information Technology-50.69%
Adobe, Inc.^(b)		753,238		422,024,187
Advanced Micro Devices, Inc.^(b)		2,672,775		514,589,371
Analog Devices, Inc.		821,146		157,512,226
ANSYS, Inc.^(b)		144,143		48,168,266
Apple, Inc.		9,961,821		1,800,599,146
Applied Materials, Inc.		1,383,961		279,034,217
ASML Holding N.V., New York Shares (Netherlands)		145,446		138,418,049
Atlassian Corp., Class A^(b)(c)		256,522		53,207,793
Autodesk, Inc.^(b)		353,815		91,344,419
Broadcom, Inc.		772,534		1,004,672,742
Cadence Design Systems, Inc.^(b)		450,195		137,030,354
CDW Corp.		221,441		54,520,989
Cisco Systems, Inc.		6,722,646		325,174,387
Cognizant Technology Solutions Corp., Class A		828,236		65,447,209
CrowdStrike Holdings, Inc., Class A^(b)		376,728		122,116,381
Datadog, Inc., Class A^(b)		498,520		65,535,439
Fortinet, Inc.^(b)		1,269,080		87,706,119
GLOBALFOUNDRIES, Inc.^(b)(c)		904,492		49,448,578
Intel Corp.		6,974,818		300,265,915
Intuit, Inc.		463,379		307,169,305
KLA Corp.		224,934		153,472,468
Lam Research Corp.		218,337		204,854,690
Marvell Technology, Inc.^(c)		1,426,349		102,212,169
Microchip Technology, Inc.		893,238		75,157,045
Micron Technology, Inc.		1,824,004		165,273,002
Microsoft Corp.		4,760,667		1,969,202,298
MongoDB, Inc.^(b)(c)		118,617		53,090,597
NVIDIA Corp.		1,582,115		1,251,642,819
NXP Semiconductors N.V. (China)		426,693		106,558,043
ON Semiconductor Corp.^(b)		712,169		56,204,377
Palo Alto Networks, Inc.^(b)(c)		521,683		162,008,656
QUALCOMM, Inc.		1,841,350		290,546,616
Roper Technologies, Inc.		176,799		96,307,719
Splunk, Inc.^(b)		279,128		43,605,376
Synopsys, Inc.^(b)		251,694		144,404,399

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Texas Instruments, Inc.		1,501,237	$	251,201,987
Workday, Inc., Class A^(b)		345,347		101,759,947
Zscaler, Inc.^(b)(c)		245,299		59,354,999

				11,310,842,299

Real Estate-0.26%
CoStar Group, Inc.^(b)(c)		675,251		58,767,095

Utilities-1.21%
American Electric Power Co., Inc.		868,225		73,964,088
Constellation Energy Corp.		528,089		88,956,592
Exelon Corp.		1,644,272		58,930,708
Xcel Energy, Inc.		911,930		48,049,592

				269,900,980

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $18,530,870,200)				22,305,957,221


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.94%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		123,385,951	$	123,385,951
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		309,862,930		310,017,861

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $433,437,484)				433,403,812

TOTAL INVESTMENTS IN SECURITIES-101.90% (Cost $18,964,307,684)				22,739,361,033
OTHER ASSETS LESS LIABILITIES-(1.90)%				(423,216,643	)

NET ASSETS-100.00%			$	22,316,144,390

Investment Abbreviations:

ADR-American Depositary Receipt

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	5,153,075		$	110,124,330		$	(115,277,405	)		$	-			$	-		$	-		$	149,234

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			91,268,225			774,853,516			(742,735,790	)			-				-			123,385,951			2,939,246	*

Invesco Private Prime Fund			254,782,461			1,741,156,231			(1,686,046,973	)			(33,672	)			159,814			310,017,861			7,783,254	*



Total		$	351,203,761		$	2,626,134,077		$	(2,544,060,168	)		$	(33,672	)		$	159,814		$	433,403,812		$	10,871,734

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 29, 2024

(Unaudited)

Portfolio Composition


Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			50.69

Communication Services			15.60

Consumer Discretionary			13.62

Consumer Staples			6.56

Health Care			6.25

Industrials			4.83

Sector Types Each Less Than 3%			2.41

Money Market Funds Plus Other Assets Less Liabilities			0.04

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco NASDAQ Future Gen 200 ETF (QQQS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-1.68%
Bandwidth, Inc., Class A^(b)(c)		3,019	$	62,010
EchoStar Corp., Class A^(b)(c)		3,162		41,454
iHeartMedia, Inc., Class A^(b)		12,642		35,019

				138,483

Consumer Discretionary-6.86%
BRP, Inc.^(c)		537		35,404
Garrett Motion, Inc. (Switzerland)^(b)(c)		4,476		43,059
Gentex Corp.		1,088		39,745
Gentherm, Inc.^(b)(c)		721		40,996
Goodyear Tire & Rubber Co. (The)^(b)		2,388		28,369
GoPro, Inc., Class A^(b)		9,178		21,477
Helen of Troy Ltd.^(b)(c)		311		38,875
Johnson Outdoors, Inc., Class A		630		28,955
Lovesac Co. (The)^(b)(c)		1,585		36,518
MasterCraft Boat Holdings, Inc.^(b)(c)		1,655		36,294
Newell Brands, Inc.		4,343		32,573
Qurate Retail, Inc., Class A^(b)		42,911		60,505
Sleep Number Corp.^(b)(c)		3,239		53,508
Sonos, Inc.^(b)		2,193		41,579
Stitch Fix, Inc., Class A^(b)(c)		8,857		28,608

				566,465

Energy-0.74%
DMC Global, Inc.^(b)		2,076		34,628
Gevo, Inc.^(b)(c)		29,317		26,139

				60,767

Health Care-58.79%
10X Genomics, Inc., Class A^(b)(c)		759		35,400
Accuray, Inc.^(b)(c)		12,693		33,002
Adaptive Biotechnologies Corp.^(b)(c)		7,563		31,084
Agenus, Inc.^(b)		42,632		28,563
Agios Pharmaceuticals, Inc.^(b)(c)		1,492		48,221
Akebia Therapeutics, Inc.^(b)		31,255		49,383
Aldeyra Therapeutics, Inc.^(b)(c)		11,962		43,302
Alector, Inc.^(b)(c)		6,070		42,308
Alkermes PLC^(b)(c)		1,359		40,349
Alphatec Holdings, Inc.^(b)(c)		2,791		37,483
Alpine Immune Sciences, Inc.^(b)(c)		2,136		75,230
Altimmune, Inc.^(b)		10,513		127,207
Amarin Corp. PLC, ADR (Ireland)^(b)(c)		42,364		45,329
Amicus Therapeutics, Inc.^(b)		3,005		38,524
AnaptysBio, Inc.^(b)(c)		2,342		59,791
AngioDynamics, Inc.^(b)		5,021		27,565
Anika Therapeutics, Inc.^(b)(c)		1,510		36,663
Arbutus Biopharma Corp.^(b)		16,162		45,254
Ardelyx, Inc.^(b)(c)		7,346		68,465
Arrowhead Pharmaceuticals, Inc.^(b)(c)		1,562		50,140
Arvinas, Inc.^(b)(c)		1,513		69,568
AtriCure, Inc.^(b)(c)		933		32,627
Atrion Corp.^(c)		109		40,111
Autolus Therapeutics PLC, ADR (United Kingdom)^(b)(c)		7,740		46,440
Avadel Pharmaceuticals PLC, ADR^(b)(c)		2,872		36,704
Axogen, Inc.^(b)		5,060		53,434
Azenta, Inc.^(b)(c)		592		38,569


	Shares		Value
Health Care-(continued)
Bicycle Therapeutics PLC, ADR (United Kingdom)^(b)		2,302	$	57,757
BioCryst Pharmaceuticals, Inc.^(b)(c)		5,584		31,438
BioXcel Therapeutics, Inc.^(b)(c)		8,720		27,730
bluebird bio, Inc.^(b)(c)		8,672		12,054
Cartesian Therapeutics, Inc., Rts., expiring 12/02/2024^(b)(d)		27,325		4,919
Cerus Corp.^(b)(c)		20,422		44,520
Codexis, Inc.^(b)(c)		14,038		65,277
Coherus BioSciences, Inc.^(b)(c)		15,551		35,456
CorMedix, Inc.^(b)(c)		10,195		36,090
Deciphera Pharmaceuticals, Inc.^(b)		2,629		43,878
DENTSPLY SIRONA, Inc.		1,032		33,726
Editas Medicine, Inc.^(b)(c)		3,147		31,659
Enanta Pharmaceuticals, Inc.^(b)		3,546		50,956
Esperion Therapeutics, Inc.^(b)(c)		24,832		62,328
Fate Therapeutics, Inc.^(b)(c)		13,302		94,311
Geron Corp.^(b)(c)		17,164		34,328
Gritstone bio, Inc.^(b)(c)		25,301		70,843
Heron Therapeutics, Inc.^(b)(c)		26,748		71,150
ICU Medical, Inc.^(b)(c)		380		41,507
IGM Biosciences, Inc.^(b)(c)		4,916		62,089
I-Mab, ADR (China)^(b)(c)		21,175		37,692
Innoviva, Inc.^(b)(c)		2,393		36,565
Inogen, Inc.^(b)(c)		5,694		37,865
Inovio Pharmaceuticals, Inc.^(b)(c)		7,003		62,047
Integra LifeSciences Holdings Corp.^(b)(c)		844		31,152
Ionis Pharmaceuticals, Inc.^(b)(c)		668		30,200
Iovance Biotherapeutics, Inc.^(b)(c)		5,458		86,837
Ironwood Pharmaceuticals, Inc.^(b)(c)		3,349		31,581
KalVista Pharmaceuticals, Inc.^(b)(c)		3,926		53,590
Kodiak Sciences, Inc.^(b)		13,688		82,265
Kura Oncology, Inc.^(b)(c)		3,425		72,199
Lexicon Pharmaceuticals, Inc.^(b)(c)		31,255		77,825
Ligand Pharmaceuticals, Inc.^(b)(c)		568		45,071
LivaNova PLC^(b)		730		40,011
MacroGenics, Inc.^(b)		4,038		72,442
MannKind Corp.^(b)(c)		9,151		37,611
Masimo Corp.^(b)(c)		354		45,503
MaxCyte, Inc.^(b)(c)		6,972		32,071
MeiraGTx Holdings PLC^(b)		6,349		39,173
Merit Medical Systems, Inc.^(b)		457		34,823
Mersana Therapeutics, Inc.^(b)		20,077		109,219
Merus N.V. (Netherlands)^(b)(c)		1,341		65,012
MiMedx Group, Inc.^(b)(c)		4,263		34,786
Ocular Therapeutix, Inc.^(b)(c)		13,267		133,466
Omeros Corp.^(b)(c)		15,126		68,067
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(d)		83		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(d)		83		0
Omnicell, Inc.^(b)(c)		986		25,873
OPKO Health, Inc.^(b)		22,689		22,689
OraSure Technologies, Inc.^(b)		4,527		32,572
Orthofix Medical, Inc.^(b)		2,998		39,154
Pacific Biosciences of California, Inc.^(b)(c)		3,906		21,600
Pacira BioSciences, Inc.^(b)(c)		1,212		36,021
PDS Biotechnology Corp.^(b)(c)		6,299		41,510

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Health Care-(continued)
Phibro Animal Health Corp., Class A		3,454	$	44,660
Prothena Corp. PLC (Ireland)^(b)(c)		1,017		28,059
PTC Therapeutics, Inc.^(b)(c)		1,439		40,565
Revance Therapeutics, Inc.^(b)(c)		4,893		34,936
Rigel Pharmaceuticals, Inc.^(b)		29,062		44,174
Sage Therapeutics, Inc.^(b)(c)		1,690		36,301
Scilex Holding Co., Class C (Singapore)^(b)		2,541		5,767
Seres Therapeutics, Inc.^(b)		31,856		36,316
SI-BONE, Inc.^(b)		1,737		30,137
SIGA Technologies, Inc.^(c)		6,099		31,776
Silk Road Medical, Inc.^(b)		3,549		63,847
Standard BioTools, Inc.^(b)		12,841		28,892
Supernus Pharmaceuticals, Inc.^(b)(c)		1,218		36,175
SurModics, Inc.^(b)		1,011		32,251
Sutro Biopharma, Inc.^(b)(c)		12,605		61,891
Tactile Systems Technology, Inc.^(b)(c)		2,486		37,911
Tandem Diabetes Care, Inc.^(b)		1,624		43,247
Theravance Biopharma, Inc.^(b)(c)		3,159		29,916
TransMedics Group, Inc.^(b)(c)		440		35,904
Twist Bioscience Corp.^(b)(c)		1,370		53,827
uniQure N.V. (Netherlands)^(b)		4,887		28,100
Vanda Pharmaceuticals, Inc.^(b)		8,906		39,810
Varex Imaging Corp.^(b)(c)		1,760		30,272
Vir Biotechnology, Inc.^(b)(c)		3,489		39,216
Voyager Therapeutics, Inc.^(b)(c)		4,563		37,964
WaVe Life Sciences Ltd.^(b)		6,239		30,010
X4 Pharmaceuticals, Inc.^(b)		42,474		41,225
Xencor, Inc.^(b)		1,790		41,080

				4,853,453

Industrials-6.24%
AeroVironment, Inc.^(b)(c)		238		30,176
American Superconductor Corp.^(b)(c)		3,503		47,115
Astronics Corp.^(b)(c)		2,229		42,730
Ballard Power Systems, Inc. (Canada)^(b)(c)		9,440		29,642
Conduent, Inc.^(b)		10,896		37,482
Energy Recovery, Inc.^(b)		1,738		27,165
Hudson Technologies, Inc.^(b)		2,680		39,262
Interface, Inc.^(c)		3,276		51,499
LSI Industries, Inc.^(c)		2,508		36,190
Lyft, Inc., Class A^(b)		2,801		44,480
Matthews International Corp., Class A^(c)		968		28,014
MillerKnoll, Inc.		1,285		39,257
Stratasys Ltd.^(b)(c)		3,001		37,062
SunPower Corp.^(b)(c)		7,982		24,824

				514,898

Information Technology-24.67%
8x8, Inc.^(b)(c)		10,720		30,338
Advanced Energy Industries, Inc.^(c)		350		35,420
Aehr Test Systems^(b)(c)		1,442		23,461
Alpha & Omega Semiconductor Ltd.^(b)(c)		1,535		33,617
Amkor Technology, Inc.		1,175		36,449
Applied Optoelectronics, Inc.^(b)(c)		2,481		39,646
Atomera, Inc.^(b)(c)		4,807		30,284
Aviat Networks, Inc.^(b)(c)		1,091		38,720
Axcelis Technologies, Inc.^(b)(c)		267		30,083
Bel Fuse, Inc., Class B		610		31,702
Canadian Solar, Inc. (Canada)^(b)		1,578		33,280
CEVA, Inc.^(b)(c)		1,524		34,503
Cirrus Logic, Inc.^(b)(c)		439		40,309


	Shares		Value
Information Technology-(continued)
Cognex Corp.		877	$	34,598
CommScope Holding Co., Inc.^(b)(c)		19,706		22,957
Commvault Systems, Inc.^(b)		450		43,070
Comtech Telecommunications Corp.		2,808		18,982
Digimarc Corp.^(b)(c)		992		34,780
Dropbox, Inc., Class A^(b)(c)		1,175		28,141
FARO Technologies, Inc.^(b)		1,803		40,369
Himax Technologies, Inc., ADR (Taiwan)		5,800		31,958
Hollysys Automation Technologies Ltd. (China)^(b)		1,451		37,175
Immersion Corp.^(c)		5,110		34,493
Infinera Corp.^(b)(c)		8,488		42,610
InterDigital, Inc.^(c)		331		35,424
IPG Photonics Corp.^(b)(c)		348		30,050
Itron, Inc.^(b)		486		45,042
Kimball Electronics, Inc.^(b)(c)		1,332		29,983
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		641		30,524
Littelfuse, Inc.		143		34,068
LivePerson, Inc.^(b)		11,666		14,816
Lumentum Holdings, Inc.^(b)(c)		775		37,564
Luna Innovations, Inc.^(b)(c)		5,199		35,249
MaxLinear, Inc.^(b)(c)		1,769		34,389
MicroVision, Inc.^(b)(c)		13,145		31,022
Mitek Systems, Inc.^(b)(c)		2,935		34,075
MKS Instruments, Inc.		397		48,736
NETGEAR, Inc.^(b)		2,429		36,411
nLight, Inc.^(b)(c)		2,508		33,181
Nova Ltd. (Israel)^(b)(c)		259		44,924
OSI Systems, Inc.^(b)(c)		269		35,287
Power Integrations, Inc.		431		30,799
Radware Ltd. (Israel)^(b)		2,170		38,539
Rambus, Inc.^(b)(c)		488		28,909
Semtech Corp.^(b)(c)		2,021		42,845
Silicon Laboratories, Inc.^(b)		312		42,912
Silicon Motion Technology Corp., ADR (Taiwan)		559		39,572
SMART Global Holdings, Inc.^(b)		1,987		42,263
SolarEdge Technologies, Inc.^(b)(c)		415		27,876
Synaptics, Inc.^(b)		325		32,533
Turtle Beach Corp.^(b)		2,931		31,303
Universal Display Corp.		198		34,535
Upland Software, Inc.^(b)(c)		7,019		20,566
Veeco Instruments, Inc.^(b)(c)		1,163		42,112
Verint Systems, Inc.^(b)(c)		1,339		42,326
Viasat, Inc.^(b)(c)		1,620		31,703
Viavi Solutions, Inc.^(b)(c)		4,102		39,174
Vuzix Corp.^(b)(c)		15,776		26,661
Xerox Holdings Corp.^(c)		2,368		44,163

				2,036,481

Materials-0.96%
Haynes International, Inc.		679		40,353
Innospec, Inc.		317		39,394

				79,747

Total Common Stocks & Other Equity Interests (Cost $7,657,912)				8,250,294

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(e)(f)(Cost $339)		339	$	339

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $7,658,251)				8,250,633


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-55.52%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		1,283,464		1,283,464


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%^(e)(f)(g)		3,298,688	$	3,300,337

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,584,317)				4,583,801

TOTAL INVESTMENTS IN SECURITIES-155.46% (Cost $12,242,568)				12,834,434
OTHER ASSETS LESS LIABILITIES-(55.46)%				(4,578,825	)

NET ASSETS-100.00%			$	8,255,609

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 29, 2024.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,428		$	83,462		$	(84,551	)		$	-			$	-		$	339		$	77

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			626,570			3,099,045			(2,442,151	)			-				-			1,283,464			21,566	*

Invesco Private Prime Fund			1,609,220			6,313,819			(4,623,236	)			(515	)			1,049			3,300,337			56,620	*



Total		$	2,237,218		$	9,496,326		$	(7,149,938	)		$	(515	)		$	1,049		$	4,584,140		$	78,263

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

February 29, 2024

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Health Care			58.79

Information Technology			24.67

Consumer Discretionary			6.86

Industrials			6.24

Sector Types Each Less Than 3%			3.38

Money Market Funds Plus Other Assets

Less Liabilities			0.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-6.66%
Baidu, Inc., ADR (China)^(b)(c)		65,494	$	6,636,507
Fox Corp., Class A		119,854		3,570,450
Fox Corp., Class B		114,206		3,126,960
Liberty Broadband Corp., Class C^(b)(c)		60,990		3,670,378
Liberty Media Corp.-Liberty Formula One^(b).		100,904		7,341,775
Liberty Media Corp.-Liberty Live, Series C^(b)(c)		30,823		1,227,372
Match Group, Inc.^(b)		131,769		4,748,955
NetEase, Inc., ADR (China)		57,628		6,219,214
News Corp., Class A		184,544		4,960,543
News Corp., Class B		92,781		2,596,940
Roku, Inc., Class A^(b)(c)		60,639		3,831,172

				47,930,266

Consumer Discretionary-16.22%
Caesars Entertainment, Inc.^(b)		104,575		4,545,875
Churchill Downs, Inc.^(c)		36,165		4,407,429
DraftKings, Inc., Class A^(b)		227,161		9,840,614
eBay, Inc.		252,645		11,945,056
Etsy, Inc.^(b)(c)		58,050		4,161,604
Expedia Group, Inc.^(b)		64,892		8,878,523
Five Below, Inc.^(b)(c)		26,757		5,369,595
JD.com, Inc., ADR (China)^(c)		231,956		5,246,845
LKQ Corp.		129,728		6,783,477
Lucid Group, Inc.^(b)(c)		1,109,885		3,662,620
Pool Corp.^(c)		18,755		7,466,741
Rivian Automotive, Inc., Class A^(b)(c)		462,400		5,234,368
Tractor Supply Co.^(c)		52,619		13,382,064
Trip.com Group Ltd., ADR (China)^(b)(c)		158,040		7,028,039
Ulta Beauty, Inc.^(b)		23,639		12,967,410
Wynn Resorts Ltd.		54,755		5,760,226

				116,680,486

Consumer Staples-0.77%
Casey’s General Stores, Inc.^(c)		18,067		5,501,221

Energy-1.35%
APA Corp.		148,693		4,429,564
Chesapeake Energy Corp.^(c)		63,542		5,260,007

				9,689,571

Financials-0.85%
Jack Henry & Associates, Inc.		35,305		6,134,950

Health Care-21.09%
Align Technology, Inc.^(b)		37,304		11,281,476
Alnylam Pharmaceuticals, Inc.^(b)(c)		61,068		9,226,764
argenx SE, ADR (Netherlands)^(b)		15,572		5,917,516
BeiGene Ltd., ADR (China)^(b)(c)		20,373		3,374,787
BioMarin Pharmaceutical, Inc.^(b)(c)		91,761		7,917,139
BioNTech SE, ADR (Germany)^(b)(c)		46,649		4,149,895
Bio-Techne Corp.^(c)		76,671		5,640,685
Bruker Corp.		67,104		5,807,180
Cooper Cos., Inc. (The)		96,452		9,027,907
Henry Schein, Inc.^(b)		62,990		4,816,845
Hologic, Inc.^(b)		116,860		8,624,268
ICON PLC^(b)		39,989		12,821,273
Incyte Corp.^(b)		109,205		6,373,204
Insulet Corp.^(b)		33,855		5,552,220


	Shares		Value
Health Care-(continued)
Jazz Pharmaceuticals PLC^(b)		30,521	$	3,628,947
Medpace Holdings, Inc.^(b)		14,873		5,912,315
Neurocrine Biosciences, Inc.^(b)(c)		47,909		6,247,334
Repligen Corp.^(b)(c)		27,063		5,249,951
Royalty Pharma PLC, Class A		216,550		6,570,127
Sanofi S.A., ADR		136,808		6,546,263
Shockwave Medical, Inc.^(b)(c)		17,887		4,666,182
United Therapeutics Corp.^(b)		22,781		5,140,305
Viatris, Inc.		584,883		7,235,003

				151,727,586

Industrials-12.24%
Axon Enterprise, Inc.^(b)		36,478		11,212,243
C.H. Robinson Worldwide, Inc.		56,553		4,189,446
Grab Holdings Ltd., Class A (Singapore)^(b)(c).		1,837,829		5,642,135
J.B. Hunt Transport Services, Inc.		50,235		10,363,983
Lincoln Electric Holdings, Inc.^(c)		27,729		7,115,261
Nordson Corp.		27,785		7,381,085
Paylocity Holding Corp.^(b)		27,231		4,591,419
Ryanair Holdings PLC, ADR (Italy)^(c)		47,347		6,545,723
Saia, Inc.^(b)(c)		12,871		7,405,974
SS&C Technologies Holdings, Inc.		120,620		7,690,731
Tetra Tech, Inc.		25,815		4,577,516
United Airlines Holdings, Inc.^(b)		159,019		7,233,774
Woodward, Inc.		29,107		4,118,350

				88,067,640

Information Technology-36.83%
Akamai Technologies, Inc.^(b)		73,437		8,145,632
Amdocs Ltd.		57,699		5,262,149
AppLovin Corp., Class A^(b)(c)		128,293		7,661,658
Bentley Systems, Inc., Class B^(c)		138,622		7,121,012
Check Point Software Technologies Ltd. (Israel)^(b)(c)		56,961		9,137,684
DocuSign, Inc.^(b)(c)		98,509		5,247,574
Enphase Energy, Inc.^(b)		66,507		8,447,054
Entegris, Inc.		73,127		9,825,344
F5, Inc.^(b)		28,949		5,419,832
First Solar, Inc.^(b)		52,025		8,006,127
Flex Ltd.^(b)		210,107		5,914,512
Gen Digital, Inc.		312,249		6,710,231
Lattice Semiconductor Corp.^(b)(c)		66,917		5,126,511
Logitech International S.A., Class R (Switzerland)^(c)		76,405		6,709,887
Manhattan Associates, Inc.^(b)		29,843		7,560,127
Monolithic Power Systems, Inc.		23,320		16,791,333
NetApp, Inc.		100,313		8,939,895
Nice Ltd., ADR (Israel)^(b)(c)		24,048		5,895,367
Nutanix, Inc., Class A^(b)		118,004		7,453,133
Okta, Inc.^(b)(c)		76,422		8,200,081
Open Text Corp. (Canada)		131,624		5,066,208
PTC, Inc.^(b)		58,075		10,628,306
Qorvo, Inc.^(b)		47,180		5,404,469
Seagate Technology Holdings PLC^(c)		101,865		9,478,538
Skyworks Solutions, Inc.		77,932		8,176,625
Super Micro Computer, Inc.^(b)(c)		25,978		22,500,065
Teradyne, Inc.		74,481		7,715,487
Trimble, Inc.^(b)		120,599		7,379,453
VeriSign, Inc.^(b)		49,719		9,709,623

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 29, 2024

(Unaudited)


	Shares		Value
Information Technology-(continued)
Western Digital Corp.^(b)		157,925	$	9,391,800
Zebra Technologies Corp., Class A^(b)		25,042		6,998,738
Zoom Video Communications, Inc., Class A^(b)		125,523		8,878,242

				264,902,697

Materials-1.47%
Steel Dynamics, Inc.		78,826		10,548,495

Real Estate-0.85%
Zillow Group, Inc., Class A^(b)(c)		27,008		1,460,052
Zillow Group, Inc., Class C^(b)(c)		83,219		4,672,747

				6,132,799

Utilities-1.59%
Alliant Energy Corp.^(c)		123,709		5,907,105
Evergy, Inc.		111,364		5,516,972

				11,424,077

Total Common Stocks & Other Equity Interests (Cost $690,164,310)				718,739,788


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%^(d)(e)(Cost $164,611)		164,611		164,611

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $690,328,921)				718,904,399


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.28%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		36,794,682	$	36,794,682
Invesco Private Prime Fund, 5.49%^(d)(e)(f)		94,673,311		94,720,648

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $131,529,261)				131,515,330

TOTAL INVESTMENTS IN SECURITIES-118.22% (Cost $821,858,182)				850,419,729
OTHER ASSETS LESS LIABILITIES-(18.22)%				(131,081,901	)

NET ASSETS-100.00%			$	719,337,828

Investment Abbreviations:

ADR-American Depositary Receipt

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 February 29, 2024.

^(d)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	100,009		$	2,238,140		$	(2,173,538	)		$	-		$	-		$	164,611		$	2,518

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 29, 2024

(Unaudited)


	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	20,494,896		$	185,269,208		$	(168,969,422	)		$	-			$	-		$	36,794,682		$	698,725	*

Invesco Private Prime Fund			52,701,161			329,762,594			(287,774,265	)			(12,465	)			43,623			94,720,648			1,872,233	*


Total		$	73,296,066		$	517,269,942		$	(458,917,225	)		$	(12,465	)		$	43,623		$	131,679,941		$	2,573,476

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. 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 February 29, 2024.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024

Information Technology			36.83

Health Care			21.09

Consumer Discretionary			16.22

Industrials			12.24

Communication Services			6.66

Sector Types Each Less Than 3%			6.88

Money Market Funds Plus Other Assets Less Liabilities			0.08

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)


	Invesco ESG			Invesco ESG						Invesco NASDAQ				Invesco NASDAQ
	NASDAQ 100			NASDAQ Next Gen			Invesco NASDAQ			Future Gen 200				Next Gen 100
	ETF (QQMG)			100 ETF (QQJG)			100 ETF (QQQM)			ETF (QQQS)				ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	36,115,208		$	4,963,733		$	22,305,957,221		$	8,250,294			$	718,739,788
Affiliated investments in securities, at value			601,519			1,071,726			433,403,812			4,584,140				131,679,941
Receivable for:
Dividends			26,644			2,489			19,037,197			1,344				374,230
Securities lending			1,404			431			981,062			5,411				76,706
Investments sold			-			-			23,309,133			-				1,116,861
Fund shares sold			-			-			28,790,239			-				-
Foreign tax reclaims			-			-			-			-				81,131

Total assets			36,744,775			6,038,379			22,811,478,664			12,841,189				852,068,657


Liabilities:
Due to custodian			-			-			7,174,937			-				-
Payable for:
Investments purchased			-			-			28,807,114			-				-
Collateral upon return of securities loaned			592,805			1,068,527			433,437,484			4,584,317				131,529,261
Fund shares repurchased			-			-			23,293,127			-				1,118,568
Accrued unitary management fees			5,376			762			2,621,612			1,263				83,000
Accrued tax expenses			-			65			-			-				-

Total liabilities			598,181			1,069,354			495,334,274			4,585,580				132,730,829

Net Assets		$	36,146,594		$	4,969,025		$	22,316,144,390		$	8,255,609			$	719,337,828


Net assets consist of:
Shares of beneficial interest		$	31,641,260		$	4,966,255		$	18,330,226,356		$	8,968,547			$	998,771,233
Distributable earnings (loss)			4,505,334			2,770			3,985,918,034			(712,938	)			(279,433,405	)

Net Assets		$	36,146,594		$	4,969,025		$	22,316,144,390		$	8,255,609			$	719,337,828

Shares outstanding (unlimited amount authorized, $0.01 par value)			1,200,001			225,001			123,350,001			300,001				25,520,001
Net asset value		$	30.12		$	22.08		$	180.92		$	27.52			$	28.19

Market price		$	30.13		$	22.09		$	180.76		$	27.51			$	28.18

Unaffiliated investments in securities, at cost		$	31,097,085		$	4,559,649		$	18,530,870,200		$	7,657,912			$	690,164,310

Affiliated investments in securities, at cost		$	601,549		$	1,071,781		$	433,437,484		$	4,584,656			$	131,693,872

^(a)Includes securities on loan with an aggregate value of:		$	585,614		$	1,059,194		$	423,624,417		$	4,409,300			$	128,852,826

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)


	Invesco ESG				Invesco ESG								Invesco NASDAQ				Invesco NASDAQ
	NASDAQ 100				NASDAQ Next Gen				Invesco NASDAQ				Future Gen 200				Next Gen 100
	ETF (QQMG)				100 ETF (QQJG)				100 ETF (QQQM)				ETF (QQQS)				ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	114,289			$	14,749			$	86,774,620			$	6,488			$	2,455,755
Affiliated dividend income			165				40				149,234				77				2,518
Securities lending income, net			8,163				1,021				4,911,057				13,911				164,195
Foreign withholding tax			(266	)			(287	)			(134,947	)			(19	)			(16,881	)

Total investment income			122,351				15,523				91,699,964				20,457				2,605,587


Expenses:
Unitary management fees			24,951				3,731				12,934,972				6,434				493,305
Tax expenses			-				65				-				-				-

Total expenses			24,951				3,796				12,934,972				6,434				493,305

Less: Waivers			(3	)			(1	)			(2,928	)			(1	)			(53	)

Net expenses			24,948				3,795				12,932,044				6,433				493,252

Net investment income.			97,403				11,728				78,767,920				14,024				2,112,335


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(391,430	)			(47,183	)			(75,905,169	)			(870,428	)			(25,480,534	)
Affiliated investment securities			356				269				159,814				1,049				43,623
In-kind redemptions			346,963				-				570,756,665				-				3,515,701
Foreign currencies			-				-				-				(2	)			-

Net realized gain (loss)			(44,111	)			(46,914	)			495,011,310				(869,381	)			(21,921,210	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			4,188,741				602,175				2,331,548,340				1,261,086				70,324,130
Affiliated investment securities			(20	)			(44	)			(33,672	)			(515	)			(12,465	)

Change in net unrealized appreciation			4,188,721				602,131				2,331,514,668				1,260,571				70,311,665

Net realized and unrealized gain			4,144,610				555,217				2,826,525,978				391,190				48,390,455

Net increase in net assets resulting from operations		$	4,242,013			$	566,945			$	2,905,293,898			$	405,214			$	50,502,790

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

(This Page Intentionally Left Blank)


		21

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)								Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	97,403			$	85,131			$	11,728			$	21,141
Net realized gain (loss)			(44,111	)			(176,510	)			(46,914	)			(189,951	)
Change in net unrealized appreciation (depreciation)			4,188,721				3,215,307				602,131				419,920

Net increase (decrease) in net assets resulting from operations			4,242,013				3,123,928				566,945				251,110


Distributions to Shareholders from:
Distributable earnings			(82,063	)			(80,030	)			(9,430	)			(21,562	)


Shareholder Transactions:
Proceeds from shares sold			15,218,512				6,189,831				1,413,460				449,447
Value of shares repurchased			(1,330,798	)			(1,090,750	)			-				(500,104	)

Net increase (decrease) in net assets resulting from share transactions			13,887,714				5,099,081				1,413,460				(50,657	)

Net increase (decrease) in net assets			18,047,664				8,142,979				1,970,975				178,891


Net assets:
Beginning of period			18,098,930				9,955,951				2,998,050				2,819,159

End of period		$	36,146,594			$	18,098,930			$	4,969,025			$	2,998,050


Changes in Shares Outstanding:
Shares sold			550,000				250,000				75,000				25,000
Shares repurchased			(50,000	)			(50,000	)			-				(25,000	)
Shares outstanding, beginning of period			700,001				500,001				150,001				150,001

Shares outstanding, end of period			1,200,001				700,001				225,001				150,001

^(a)	For the period October 11, 2022 (commencement of investment operations) through August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22


Invesco NASDAQ 100 ETF (QQQM)								Invesco NASDAQ Future Gen 200 ETF (QQQS)								Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Six Months Ended February 29, 2024				Year Ended August 31, 2023				Six Months Ended February 29, 2024				Period Ended August 31, 2023^(a)				Six Months Ended February 29, 2024				Year Ended August 31, 2023

	$	78,767,920			$	65,706,898			$	14,024			$	26,695			$	2,112,335			$	5,551,832
		495,011,310				49,760,519				(869,381	)			494,097				(21,921,210	)			(145,036,872	)
		2,331,514,668				2,463,756,364				1,260,571				(668,705	)			70,311,665				185,304,693

		2,905,293,898				2,579,223,781				405,214				(147,913	)			50,502,790				45,819,653



		(64,169,213	)			(57,866,694	)			(16,362	)			(23,525	)			(2,139,293	)			(6,555,564	)



		7,181,095,027				9,353,984,009				1,302,711				9,537,486				22,261,028				118,386,095
		(2,188,983,620	)			(2,306,446,027	)			-				(2,802,002	)			(55,459,329	)			(256,647,775	)

		4,992,111,407				7,047,537,982				1,302,711				6,735,484				(33,198,301	)			(138,261,680	)

		7,833,236,092				9,568,895,069				1,691,563				6,564,046				15,165,196				(98,997,591	)



		14,482,908,298				4,914,013,229				6,564,046				-				704,172,632				803,170,223

	$	22,316,144,390			$	14,482,908,298			$	8,255,609			$	6,564,046			$	719,337,828			$	704,172,632



		44,060,000				71,610,000				50,000				350,001				830,000				4,750,000
		(13,870,000	)			(18,360,000	)			-				(100,000	)			(2,190,000	)			(10,290,000	)
		93,160,001				39,910,001				250,001				-				26,880,001				32,420,001

		123,350,001				93,160,001				300,001				250,001				25,520,001				26,880,001


		23

Financial Highlights

Invesco ESG NASDAQ 100 ETF (QQMG)


	Six Months Ended February 29, 2024				Year Ended August 31,				For the Period October 25, 2021^(a)Through August 31,
	(Unaudited)				2023				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	25.86			$	19.91			$	25.00

Net investment income^(b)			0.10				0.16				0.13
Net realized and unrealized gain (loss) on investments			4.25				5.95				(5.13	)

Total from investment operations			4.35				6.11				(5.00	)

Distributions to shareholders from:
Net investment income			(0.09	)			(0.16	)			(0.09	)

Net asset value at end of period		$	30.12			$	25.86			$	19.91

Market price at end of period^(c)		$	30.13			$	25.88			$	19.94

Net Asset Value Total Return^(d)			16.87	%			30.88	%			(20.03	)%^(e)
Market Price Total Return^(d)			16.82	%			30.78	%			(19.91	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	36,147			$	18,099			$	9,956
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%			0.20	%^(f)
Net investment income			0.78	%^(f)			0.76	%			0.69	%^(f)
Portfolio turnover rate^(g)			10	%			14	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (20.63)%. The market price total return from Fund Inception to August 31, 2022 was (20.54)%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24

Financial Highlights–(continued)

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)


	Six Months Ended February 29, 2024				Year Ended August 31,				For the Period October 25, 2021^(a) Through August 31,
	(Unaudited)				2023				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	19.99			$	18.79			$	25.00

Net investment income^(b)			0.06				0.13				0.09
Net realized and unrealized gain (loss) on investments			2.08				1.20				(6.23	)

Total from investment operations			2.14				1.33				(6.14	)

Distributions to shareholders from:
Net investment income			(0.05	)			(0.13	)			(0.07	)

Net asset value at end of period		$	22.08			$	19.99			$	18.79

Market price at end of period^(c)		$	22.09			$	20.00			$	18.81

Net Asset Value Total Return^(d)			10.74	%			7.16	%			(24.57	)%^(e)
Market Price Total Return^(d)			10.73	%			7.10	%			(24.49	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,969			$	2,998			$	2,819
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%			0.20	%^(f)
Net investment income			0.63	%^(f)			0.67	%			0.52	%^(f)
Portfolio turnover rate^(g)			30	%			28	%			46	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (23.10)%. The market price total return from Fund Inception to August 31, 2022 was (23.05)%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		25

Financial Highlights–(continued)

Invesco NASDAQ 100 ETF (QQQM)


	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period October 12, 2020^(a)Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	155.46			$	123.13			$	156.10			$	120.98

Net investment income^(b)			0.74				1.03				0.98				0.74
Net realized and unrealized gain (loss) on investments			25.35				32.29				(33.24	)			34.93

Total from investment operations			26.09				33.32				(32.26	)			35.67

Distributions to shareholders from:
Net investment income			(0.63	)			(0.99	)			(0.71	)			(0.55	)

Net asset value at end of period		$	180.92			$	155.46			$	123.13			$	156.10

Market price at end of period^(c)		$	180.76			$	155.47			$	123.29			$	156.11

Net Asset Value Total Return^(d)			16.84	%			27.26	%			(20.72	)%			29.56	%^(e)
Market Price Total Return^(d)			16.72	%			27.11	%			(20.61	)%			29.57	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	22,316,144			$	14,482,908			$	4,914,013			$	1,809,161
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%			0.15	%^(f)
Net investment income			0.91	%^(f)			0.78	%			0.71	%			0.61	%^(f)
Portfolio turnover rate^(g)			6	%			27	%			6	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26

Financial Highlights–(continued)

Invesco NASDAQ Future Gen 200 ETF (QQQS)


					For the Period
	Six Months Ended				October 11, 2022^(a)
	February 29,				Through
	2024				August 31,
	(Unaudited)				2023
Per Share Operating Performance:
Net asset value at beginning of period		$	26.26			$	25.00

Net investment income^(b)			0.05				0.14
Net realized and unrealized gain on investments			1.28				1.24

Total from investment operations			1.33				1.38

Distributions to shareholders from:
Net investment income			(0.07	)			(0.12	)

Net asset value at end of period		$	27.52			$	26.26

Market price at end of period^(c)		$	27.51			$	26.26

Net Asset Value Total Return^(d)			5.08	%			5.51	%^(e)
Market Price Total Return^(d)			5.04	%			5.51	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,256			$	6,564
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%^(f)
Net investment income			0.44	%^(f)			0.56	%^(f)
Portfolio turnover rate^(g)			38	%			61	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2022, the first day of trading on the exchange) to August 31, 2023 was 4.09%. The market price total return from Fund Inception to August 31, 2023 was 4.01%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		27

Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)


	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period October 12, 2020^(a)Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.20			$	24.77			$	34.79			$	26.71

Net investment income^(b)			0.08				0.18				0.15				0.10
Net realized and unrealized gain (loss) on investments			1.99				1.46				(9.85	)			8.06

Total from investment operations			2.07				1.64				(9.70	)			8.16

Distributions to shareholders from:
Net investment income			(0.08	)			(0.21	)			(0.11	)			(0.08	)
Net realized gains			-				-				(0.21	)			-

Total distributions			(0.08	)			(0.21	)			(0.32	)			(0.08	)

Net asset value at end of period		$	28.19			$	26.20			$	24.77			$	34.79

Market price at end of period^(c)		$	28.18			$	26.20			$	24.80			$	34.77

Net Asset Value Total Return^(d)			7.94	%			6.70	%			(28.06	)%			30.58	%^(e)
Market Price Total Return^(d)			7.90	%			6.57	%			(27.93	)%			30.51	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	719,338			$	704,173			$	803,170			$	1,209,202
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%			0.15	%^(f)
Net investment income			0.64	%^(f)			0.74	%			0.50	%			0.35	%^(f)
Portfolio turnover rate^(g)			28	%			31	%			45	%			29	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 29, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco ESG NASDAQ 100 ETF (QQMG)		“ESG NASDAQ 100 ETF”

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)		“ESG NASDAQ Next Gen 100 ETF”

Invesco NASDAQ 100 ETF (QQQM)		“NASDAQ 100 ETF”

Invesco NASDAQ Future Gen 200 ETF (QQQS)		“NASDAQ Future Gen 200 ETF”

Invesco NASDAQ Next Gen 100 ETF (QQQJ)		“NASDAQ Next Gen 100 ETF”

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”).


Fund		Underlying Index

ESG NASDAQ 100 ETF		Nasdaq-100^®ESG Index

ESG NASDAQ Next Gen 100 ETF		Nasdaq Next Generation 100 ESG Index^®

NASDAQ 100 ETF		NASDAQ-100 Index^®

NASDAQ Future Gen 200 ETF		Nasdaq Innovators Completion Cap Index^TM

NASDAQ Next Gen 100 ETF		NASDAQ Next Generation 100 Index^®

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		29


		30

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).


		31

readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


	Amount

ESG NASDAQ 100 ETF		$602

ESG NASDAQ Next Gen 100 ETF		108

NASDAQ 100 ETF		292,775

NASDAQ Future Gen 200 ETF		787

NASDAQ Next Gen 100 ETF		15,504

J.	Foreign Currency Translations -Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are


		32

translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

K.	Other Risks

ADR Risk. The Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.


		33

ESG Risk. Because the underlying indexes of ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF evaluate ESG factors to assess and exclude certain investments for non-financial reasons, such Funds may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund’s underlying index to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the index’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.


		34

and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund (except Nasdaq Next Gen 100 ETF) is non-diversified, and to the extent Nasdaq Next Gen 100 ETF becomes non-diversified, and can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

NOTE 3–Investment Advisory Agreement and Other Agreements


	Unitary Management Fees (as a % of average daily net assets)

ESG NASDAQ 100 ETF		0.20	%

ESG NASDAQ Next Gen 100 ETF		0.20	%

NASDAQ 100 ETF		0.15	%

NASDAQ Future Gen 200 ETF		0.20	%

NASDAQ Next Gen 100 ETF		0.15	%

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:



ESG NASDAQ 100 ETF	$	3

ESG NASDAQ Next Gen 100 ETF		1

NASDAQ 100 ETF		2,928

NASDAQ Future Gen 200 ETF		1

NASDAQ Next Gen 100 ETF		53

The Adviser has entered into licensing agreements on behalf of each Fund with Nasdaq, Inc. (the “Licensor”).


		35



ESG NASDAQ 100 ETF	$	128

ESG NASDAQ Next Gen 100 ETF		248

NASDAQ 100 ETF		5,299

NASDAQ Future Gen 200 ETF		10,429

NASDAQ Next Gen 100 ETF		45,337

NOTE 4–Additional Valuation Information


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 the Adviser’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.


	Level 1			Level 2			Level 3			Total

ESG NASDAQ 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	36,115,208		$	-		$	-		$	36,115,208

Money Market Funds			8,744			592,775			-			601,519


Total Investments		$	36,123,952		$	592,775		$	-		$	36,716,727


ESG NASDAQ Next Gen 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	4,963,733		$	-		$	-		$	4,963,733

Money Market Funds			3,254			1,068,472			-			1,071,726


Total Investments		$	4,966,987		$	1,068,472		$	-		$	6,035,459


NASDAQ 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	22,305,957,221		$	-		$	-		$	22,305,957,221

Money Market Funds			-			433,403,812			-			433,403,812


Total Investments		$	22,305,957,221		$	433,403,812		$	-		$	22,739,361,033


NASDAQ Future Gen 200 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	8,245,375		$	-		$	4,919		$	8,250,294

Money Market Funds			339			4,583,801			-			4,584,140


Total Investments		$	8,245,714		$	4,583,801		$	4,919		$	12,834,434


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	Level 1			Level 2			Level 3			Total

NASDAQ Next Gen 100 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	718,739,788		$	-		$	-		$	718,739,788

Money Market Funds			164,611			131,515,330			-			131,679,941


Total Investments		$	718,904,399		$	131,515,330		$	-		$	850,419,729

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

ESG NASDAQ 100 ETF	$	297,726	$	199,995	$	497,721

ESG NASDAQ Next Gen 100 ETF		205,820		132,530		338,350

NASDAQ 100 ETF		35,548,624		262,624,871		298,173,495

NASDAQ Future Gen 200 ETF		432,723		-		432,723

NASDAQ Next Gen 100 ETF		161,686,822		123,600,952		285,287,774

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


	Purchases		Sales

ESG NASDAQ 100 ETF	$	2,580,737	$	2,573,917

ESG NASDAQ Next Gen 100 ETF		1,150,080		1,149,135

NASDAQ 100 ETF		1,126,069,907		1,108,866,319

NASDAQ Future Gen 200 ETF		2,473,920		2,475,231

NASDAQ Next Gen 100 ETF		187,368,019		187,395,242

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

ESG NASDAQ 100 ETF	$	15,202,919	$	1,328,691

ESG NASDAQ Next Gen 100 ETF		1,412,888		-

NASDAQ 100 ETF		7,187,170,686		2,190,577,112

NASDAQ Future Gen 200 ETF		1,300,130		-

NASDAQ Next Gen 100 ETF		22,229,004		55,379,509

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


		37


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation		Cost

ESG NASDAQ 100 ETF	$	5,756,070	$	(744,415	)	$	5,011,655	$	31,705,072

ESG NASDAQ Next Gen 100 ETF		663,270		(283,809	)		379,461		5,655,998

NASDAQ 100 ETF		4,226,789,154		(469,589,893	)		3,757,199,261		18,982,161,772

NASDAQ Future Gen 200 ETF		1,481,385		(901,246	)		580,139		12,254,295

NASDAQ Next Gen 100 ETF		102,463,852		(76,390,353	)		26,073,499		824,346,230

NOTE 7–Trustees’ and Officer’s Fees

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		38

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes

useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco ESG NASDAQ 100 ETF (QQMG)

Actual		$	1,000.00		$	1,168.70		0.20	%		$	1.08

Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

Actual			1,000.00			1,107.40		0.20				1.05

Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01

Invesco NASDAQ 100 ETF (QQQM)

Actual			1,000.00			1,168.40		0.15				0.81

Hypothetical (5% return before expenses)			1,000.00			1,024.12		0.15				0.75

Invesco NASDAQ Future Gen 200 ETF (QQQS)

Actual			1,000.00			1,050.80		0.20				1.02

Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

Actual			1,000.00			1,079.40		0.15				0.78

Hypothetical (5% return before expenses)			1,000.00			1,024.12		0.15				0.75

⁽¹⁾


		39

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-SAR-1

invesco.com/ETFs

(b)	Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)	The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 14. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Invesco Exchange-Traded Fund Trust II

By:		/s/ Brian Hartigan
Name:		Brian Hartigan
Title:		President

Date: April 25, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Brian Hartigan
Name:		Brian Hartigan
Title:		President

Date: April 25, 2024

By:		/s/ Kelli Gallegos
Name:		Kelli Gallegos
Title:		Treasurer

Date: April 25, 2024

PowerShares Exchange-Traded Fund Trust II (LALT) N-CSRSCertified semi-annual shareholder report (management investment company)